Capital markets regulator SEBI (Securities and Exchange Board of India) has given its approval for the initial public offering (IPO) of the country’s largest electric two-wheeler maker Ola Electric.

This would be the first by an EV startup in India and amongst the biggest new-age IPOs in 2024.

CNBC-TV18 had reported on June 11 that the Bengaluru-based company had secured the nod from SEBI for its IPO worth ₹5,500 crore.

SoftBank and Temasek-backed Ola had filed its draft red herring prospectus (DRHP) with SEBI on December 22, proposing to raise up to ₹5,500 crore through a fresh issue, and an offer for sale (OFS) of up to 9.52 crore shares.

Ola Electric promoter Bhavish Aggarwal will offload 4.7 crore shares through the OFS in the IPO, which is 50% of the total OFS. The firm has exercised the option to raise ₹1,000 crore via pre-IPO placement, and in that case, the fresh issue size will be reduced to that extent, it had mentioned in its DRHP.