Around 150 companies in the country have already gone public this year in a bid to raise a total of $5 billion, double the amount raised during this period last year, according to estimates.
The Softbank-backed company has set a price band of ₹72-76 per share for the maiden share sale and is expected to test the appetite for new-age loss-making companies. At the top-end of the price band, Ola will be valued at 33,522 crore ($4 billion) on a post-diluted basis. The company's IPO will open on August 2.
Founder and CEO Bhavish Aggarwal, who's charting a path to profitability for Ola Electric, told reporters at the IPO press conference in Mumbai that volume growth and vertical integration would be the main pillars for improving the company's margins.
Through the IPO, the Bengalurubased firm is looking to issue fresh shares worth ₹5,500 crore, which will be utilised to repay debt, expand its gigafactory and used for research and development.
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