India's Ola Electric wins approval for $660 million IPO, sources say

M. Sriram
·1-min read
A man checks his mobile phone as he waits while recharging his Ola electric scooter, in New Delhi

By M. Sriram

MUMBAI (Reuters) - Indian e-scooter maker Ola Electric has received regulatory approval to go ahead with its $660 million Initial Public Offering, said two sources with direct knowledge, paving the way for the country's first ever EV stock listing.

SoftBank and Temasek-backed Ola had filed its papers with India's Securities and Exchange Board of India last December for approval, in a deal meant to help it expand operations.

Ola now plans to list its shares by mid July, and in coming days will reach out to investors to assess demand for its issue, both sources said.

Ola and SEBI did not reply to requests for comment.

It already met global investors in roadshows earlier this year, but will "re-discuss terms and explain the business," the second source said.

The company is India's biggest e-scooter maker in the relatively small but fast-growing space and competes with TVS Motor , Bajaj Auto and Ather Energy. It was last valued at $5.4 billion in September 2023.

($1 = 83.5709 Indian rupees)

(Reporting by M. Sriram, Editing by Louise Heavens)

  • Up next
  • Up next
  • Up next
  • Up next

Latest stories

  • Now you can invest in digital gold from just RM10 with your TNG eWallet

    KUALA LUMPUR, July 2 — Malaysians can now invest in digital gold securely and conveniently from as low as RM10 following...

  • Russia's war-driven economy is so hot that the World Bank upgraded it to a 'high-income country'

    Russia's trade rebounded by nearly 7% last year, while activities in the financial sector and construction grew by 6.6% and 3.6% respectively.

  • Singapore to tighten casino rules to counter terrorism funding

    Singapore will lower the threshold for checks on cash deposits received by casinos in a bid to prevent exploitation by terrorist and criminal organisations.

  • Stock market today: Nasdaq leads gains to kick off new quarter as Tesla pops 6%

    Political turmoil in France gripped investors weighing whether stocks can build on their stellar first-half performance.

  • Zacks Investment Ideas feature highlights: Nvidia, Super Micro Computer and Broadcom

    Nvidia, Super Micro Computer and Broadcom are part of the Zacks Investment Ideas article.

  • 6 family office funds tied to Singapore launder case got tax breaks

    Six single family office funds linked to a S$3 billion money laundering case in Singapore have received tax incentives from the Monetary Authority of Singapore.

  • 4 Steady Shoes & Retail Apparel Stocks in a Troubled Industry

    Elevated costs due to commodity cost inflation and continued reinvestments have been hurting the Shoes and Retail Apparel industry. However, product innovation, robust demand trends and digital investments should aid companies like ADDYY, SKX, CAL and WWW.

  • New Strong Buy Stocks for July 1st

    EAT, APOG, DAKT, M and HES have been added to the Zacks Rank #1 (Strong Buy) List on July 1, 2024.

  • AI is changing banking, UBS executive says

    UBS is seeing a shift in the way clients are interacting with their bankers powered by artificial intelligence, the head of the Swiss bank's domestic business Sabine Keller-Busse said on Tuesday. She likened the shift to the way in which patients go to the doctor's with a picture of their ailment in mind, with clients using AI to come up with ideas they are then proposing to the bank. "In our industry this will happen as well because with Chat GPT there is more data available," Keller-Busse said at the Point Zero Forum in Zurich.

  • British couple become wealthier than Larry Fink after £2.5bn BlackRock deal

    A husband and wife duo who built an outdoor theatre on the grounds of their Suffolk farm estate have been catapulted into Britain’s rich list after netting £2bn from the sale of their financial data business.

  • Reasons to Retain PacBio (PACB) Stock in Your Portfolio Now

    PacBio's (PACB) strong product demand and continued focus on R&D raise optimism about the stock.

  • US manufacturing extends slump; inflation pressures ebbing

    U.S. manufacturing contracted for a third straight month in June as demand remained subdued, while a drop in a measure of prices paid by factories for inputs to a six-month low suggested that inflation could continue to subside. The weakness at the end of the second quarter reported by the Institute for Supply Management on Monday was across the board, with ISM Manufacturing Business Survey Committee Chair Timothy Fiore describing manufacturers as demonstrating "an unwillingness to invest in capital and inventory due to current monetary policy and other conditions." Manufacturing is being pressured by higher interest rates and softening demand for goods, though business investment has largely held up.

  • Can AI boom drive Nvidia to a $4tn valuation despite investor doubt?

    Powerful new chips are on the way but there are questions over whether tech firm’s growth can be sustained

  • How to rebalance your portfolio for the second half of 2024

    As Wall Street heads into the second half of the year, Mitlin Financial founder and author of "Financial Planning Made Personal" Lawrence Sprung joins Wealth! to discuss the markets' (^DJI,^GSPC, ^IXIC) momentum and how it should inform your investing decisions. While past performance does not determine future performance, Sprung notes that historically, when there has been a strong first half, the momentum continued for the rest of the year. He believes the election will be a catalyst as it typically enhances market returns in an already strong year. He also explains that a possible interest rate cut could be another catalyst that drives higher returns. He encourages investors to review their portfolios mid-year and rebalance if necessary. Financials have been performing well in a higher interest rate environment and could tumble once a rate cut is initiated. Meanwhile, the energy sector will be sensitive to geopolitical events, which Sprung explains, "We can't time, but we can try to anticipate." For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Melanie Riehl

  • Preqin's founder nets £2bn payday as BlackRock comes calling

    A British data and analytics business founded 21 years ago was today snapped up for £2.55bn – four-fifths of which will go to its founder. Preqin, which specialises in providing data and information on the private equity sector and other alternative assets, is being bought by BlackRock, the world's biggest asset manager. The sale will net approximately £2.04bn to Valhalla Ventures, the family holding company of Mark O'Hare, Preqin's founder.

  • Petrobras (PBR) Puts Off the Barracuda-Caratinga FPSO Tender

    Petrobras (PBR) delays the Barracuda-Caratinga FPSO tender for the second time due to difficulty in attracting floater companies for its Campos basin project.

  • Ninja Van cuts Singapore staff in second round of layoffs, ST reports

    Ninja Van has cut 5% of its Singapore staff amid its expansion into business-to-business restocking and cold chain logistics, the Straits Times reported, citing the company.

  • Top-Ranked ETFs That Outperformed the Market in 1H

    Wall Street wrapped up a blockbuster first half of the year. In the current scenario, investors should bet on ETFs that were winners in the first half and have a solid Zacks ETF Rank #1 (Strong Buy) or 2 (Buy).

  • How to navigate CD investments before an interest rate cut

    As interest rates remain high and Wall Street awaits the Federal Reserve's rate cut, Curinos head of wealth Korrynn Baltzersen joins Wealth! to discuss how investors should navigate certificates of deposit (CDs) amid the current economic backdrop. "What we've seen for the first time in recent history is that wealth clients are adopting retail CDs. And what's happening there, at the start of 2023, CDs represented just 3% of wealth deposits. And clients were adopting CDs, about 10% of acquisition balances going into retail CDs. That picked up greatly last year, as you could get to a 5% handle on a CD, there's something in the mentality of an investor that 5% seems great. And so even wealth clients started adopting CDs at a much higher pace," Baltzersen explains. She notes that historically when the Federal Reserve has started cutting interest rates, "that's when the market outperformance led more investors into the market versus keeping that money in cash." She believes there will be a "real shift" once investors can no longer get a 5% handle, as "they can just get a higher yield in the market." For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Melanie Riehl

  • Inflation and the US election: What they mean for the US dollar

    The US dollar (DX-Y.NYB) is digesting Federal Reserve Chair Jerome Powell's latest comments on inflation at the European Central Bank's (ECB) Forum on Central Banking, as well as the rise in job openings from May. TD Bank Global Head of FX and EM Strategy Mark McCormick sits down with Madison Mills on Catalysts to talk about the Fed's data-centric approach to its interest rate policies going forward. "And inflation from month to month is going to be very challenging and very volatile indicator. So the way that we keep looking at it is there's no room for error," McCormick tells Yahoo Finance. "So next week's inflation number, if it comes in hot this whole narrative is gone. If it comes in as expected, then we get another inflation print where it's like 'yes, they can still probably go in September.' But again, if it comes in hot, it's like everything is binary now. So the market, it lacks confidence, it lacks motivation in terms of how to trade these themes. McCormick also weighs in on the ways a second Trump presidency or policies like heightened tariffs could impact the US dollar. In the broader FX (foreign exchange) market, McCormick also comments on the influence France's snap election is having on the euro. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Luke Carberry Mogan.