Ola Electric’s IPO Becomes One of India’s Largest for 2024 and Marks the First for an EV Manufacturer.
Ola Electric Mobility Limited, India’s leading electric two-wheeler manufacturer, has successfully launched an initial public offering (IPO) valued at $730 million. This IPO is one of the largest in India for 2024 and is notable for being the first public offering by an electric vehicle (EV) manufacturer in the country.
The IPO saw participation from several key bankers including Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited.
Cyril Amarchand Mangaldas provided legal counsel to Ola Electric for this IPO.
The team from Cyril Amarchand Mangaldas included Senior Partner Yash J. Ashar, Consultant Anuj Pethia, Senior Associates Rishav Buxi and Saurav Das, and Associates Ayana Banerjee, Shashwat Solanki, and Sushant Khalkho.
Additionally, Partners Bharat Reddy, Sindhushri Badarinath, and Shaishavi Kadakia offered advice on promoter’s trust and employee compensation matters, while Partners Janhavi Manohar and Vedansh Batwara advised certain selling shareholders, including Tekne Private Ventures XV, Alpine Opportunity Fund VI, and Ab Initio Capital, L.P.
Latham & Watkins served as the international legal counsel for Ola Electric, with Rajiv Gupta leading the team as Partner.
Shardul Amarchand Mangaldas & Co represented the bankers on this IPO.
Their team included Prashant Gupta (Head of Capital Markets Practice), Partners Sayantan Dutta and Ruth Chenchiah, along with Senior Associate Koshy Mammen and Associates Megha Mehta and Divya Dhawan.
Linklaters advised the consortium of eight banks involved in the IPO. The Linklaters team was led by Amit Singh (Partner and Head of India Practice), supported by Counsel Joseph Wolpin and Associate Rushil Oberoi.
Founded in 2017, Ola Electric focuses on the development of EVs and EV components, including battery cells. This IPO is significant not only for its size but also as the first by an auto manufacturer in India in two decades. The offering attracted substantial interest from both domestic and international investors.
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