Private Equity

Liquidity Events

Ola Electric’s Rs.6,000-Cr+ IPO gets subscribed over 4x

MoneyControl  

Bangalore-based EV unicorn Ola Electric’s initial public offering was subscribed over 4.2 times. The IPO constituted a fresh issue of INR 5,500 crore and an offer for sale (OFS) of 8.4 crore shares. At the upper end of the issue price (NR 76 per share), Ola Electric will be valued at INR 33,500 crore (around USD 4 Billion).Selling shareholders in the OFS (fetching them about INR 640 crore) include Ola founder Bhavish Aggarwal (who will be selling 3.8 crore shares) and PE-VC investors including Alpha Wave Ventures II LP (an unit of Alpha Wave Global), Alpine Opportunity Fund VI LP (Alpine Capital), Internet Fund III Pte (Tiger Global), MacRitchie Investments Pte (Temasek), Matrix Partners India Investments III, LLC (Z47), SVF II Ostrich (DE) LLC (SoftBank), Tekne Private Ventures XV (Tekne Capital), Indus Trust, and Ashna Advisors LLP.

Between Feb-19 and Jun-23, Ola Electric had raised over USD 1 Billion from Temasek, Tiger Global, Tekne Capital Management, Alpha Wave Global, Alpine Capital, SoftBank Corp,, Z47, Edelweiss Private Equity, Archerman Capital, Munjal Family Office, Ratan Tata, Arun Sarin Family, Others