India's Ola Electric wins approval for $660 mln IPO
Technology
India's Ola Electric wins approval for $660 mln IPO
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 the 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.
Singapore Airlines is to compensate passengers who were on the flight hit by violent turbulence in May.
