BENGALURU : Ola Electric's IPO drew $1.8 billion in bids as the share sale closed on Tuesday, as investors piled into the first stock offering by a pure-play electric vehicle maker in India.The SoftBank-backed company's $734 million IPO, also India's biggest so far this year, received bids for 1.
People talk in front of the Ola Electric logo during a press conference ahead of it's IPO launch in Mumbai, India, July 29, 2024. REUTERS/Francis Mascarenhas/ File PhotoBENGALURU : Ola Electric's IPO drew $1.8 billion in bids as the share sale closed on Tuesday, as investors piled into the first stock offering by a pure-play electric vehicle maker in India.
The targeted valuation is about 25 per cent lower than Ola Electric's last funding round in 2023, due to a correction in valuation of global tech companies as well as the company's aim to attract participants to the stock offering. Still, some analysts have expressed concerns over rising costs and the path to profitability at Ola Electric.
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