Ola Electric Mobility’s initial public offering (IPO) has been oversubscribed 4.27 times, raising ?6,146 crore, making it the largest IPO in India for 2024. The offering consisted of ?5,500 crore in new shares and ?645.6 crore from existing investors. The funds raised will be utilized for expanding production capacity, repaying debts, and investing in research and development. The strong demand from investors reflects confidence in Ola Electric’s growth potential in the rapidly evolving electric vehicle market. The listing is anticipated to take place on August 9, 2024, and is expected to attract significant attention from both retail and institutional investors.
