CAM, SAM, Latham, Linklaters act on OLA Electric Mobility $730 million IPO

Ola Electric Mobility Limited (Ola Electric), India’s largest electric two-wheeler manufacturer, has made an initial public offering amounting to $730 million.

The bankers to this transaction included Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited and BOB Capital Markets Limited.

Cyril Amarchand Mangaldas advised OLA Electric on this IPO.

The transaction team consisted of Yash J. Ashar (Senior Partner), Anuj Pethia (Consultant), Rishav Buxi (Senior Associate), Saurav Das (Senior Associate), Ayana Banerjee (Associate), Shashwat Solanki (Associate), and Sushant Khalkho (Associate).

Bharat Reddy (Partner), Sindhushri Badarinath (Partner) and Shaishavi Kadakia (Partner) have also advised on matters related to promoter’s trust and employee compensation.

Janhavi Manohar (Partner) and Vedansh Batwara (Associate) have advised certain selling shareholders including Tekne Private Ventures XV, Alpine Opportunity Fund VI, and Ab Initio Capital, L.P., on the deal.

Latham & Watkins acted as the international legal counsel for OLA Electric on this IPO.

The transaction team was led by Rajiv Gupta (Partner).

Shardul Amarchand Mangaldas & Co advised the Bankers on the IPO.

The transaction team consisted of Prashant Gupta (Head of Capital Markets Practice), Sayantan Dutta (Partner), Ruth Chenchiah (Partner), Koshy Mammen (Senior Associate), Megha Mehta (Associate) and Divya Dhawan (Associate).

Linklaters advised the syndicate of eight banks on the IPO.

The Linklaters team was led by Amit Singh (Partner and Head of India Practice), with support from Joseph Wolpin (Counsel) and Rushil Oberoi (Associate).

Founded in 2017, Ola Electric specialises in the production of EVs, building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells.

This transaction marks:

1. one of the largest IPOs in India this year;

2. the first IPO by an electric vehicle (EV) manufacturer in India; and

3. the first IPO by an auto maker in India in 20 years.

The IPO generated significant interest and received strong demand from domestic and international investors.

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.