Electric mobility startup Ola Electric took another step towards its public listing with the filing of its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The company's upcoming initial public offering (IPO) will include a fresh issue of equity shares worth Rs 5,500 crore and an offer for sale (OFS) of 95.2 million equity shares at a face value of Rs 10.
A minimum of 75% of the issue will be allocated to qualified institutional buyers, up to 15% shall be available for allocation to non-institutional bidders, and a maximum of 10% will be designated for allocation to retail individual bidders, as per the prospectus.
According to the DRHP, of the total proceeds from the fresh issue, the largest share of funds, that is Rs 1,600........