Ola Electric first EV firm to file for public issue

NEW DELHI: After much speculation, electric two-wheeler company Ola Electric on Friday took the plunge and filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

This will be the first IPO by an automaker in 20 years and the first pure electric vehicle (EV) company that is aiming to list on the domestic bourses. The proposed IPO is a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 9.52 crore equity shares, according to the draft red herring prospectus (DRHP).