NAME: Ola Electric’s $734 million IPO
LAW FIRM: Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, Latham & Watkins, Linklaters
JURISDICTION: India
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Consumer goods and services, Industrials and manufacturing, Technology
Ola Electric’s $734 million IPO is our deal of the month for August.
Indian e-scooter maker Ola Electric successfully debuted in India with its $734 million public float, making it the largest IPO of the year so far in India. The company issued a total of 724 million shares.
Ola Electric’s IPO is the first of an electric vehicle manufacturer in India, signifying a notable advancement in Prime Minister Narendra Modi’s initiative for clean energy. The company has established itself as the dominant entity in a nation where the uptake of clean vehicles is currently modest yet progressively increasing. The company commanded 46% of the e-scooter market at the end of June, even after revising its sales targets downward the previous year. With the stock launch, the company plans to invest further into its R&D and into the battery manufacturing sector.
In the first half of this year, the boom in the Indian stock market prompted financing that was nearly double the amount raised in the same period last year.
Cyril Amarchand Mangaldas (CAM) advised Ola Electric. The CAM transaction team was led by senior capital markets partner Yash Ashar.
Shardul Amarchand Mangaldas & Co (SAM) represented the book-running lead managers. The SAM team included the head of capital markets practice Prashant Gupta and partners Sayantan Dutta and Ruth Chenchiah.
Latham & Watkins acted as international counsel to Ola Electric. The Latham team was led by Singapore partner Rajiv Gupta.
Linklaters served as international counsel to the book-running lead managers, with a team led by its India practice head Amit Singh.
