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Ola Electric filed for its initial public offering (IPO) including Rs 5,500 crore in fresh shares by the company, with the IPO opening on August 2.

The anchor investor bidding will open a day earlier on August 1, and the offer is set to close on August 6.

The IPO includes an offer for sale of 84.94 million shares by selling shareholders, including 37.9 million shares by founder and promoter Bhavish Aggarwal. Promoter group entity Indus Trust is selling nearly 4.2 million shares according to the company’s red herring prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI).

The existing investors selling shares in the IPO include SVF II Ostrich (DE) LLC, which is selling 23.86 million shares; Internet Fund III Pte Ltd. selling 6.3 million shares; and Matrix Partners India Investments III, LLC selling 3.7 million shares.

The Economic Times reported that the IPO values the Bengaluru-based electric two-wheeler manufacturer between $4.2 billion to $4.4 billion.

The book-running lead managers are Kotak Mahindra Capital, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities and BOB Capital Markets.

Prior to the IPO, Aggarwal held a 36.94% stake in the company which he founded in 2017.

The company’s revenue from operations increased to Rs 5,009.8 crore in FY24 from Rs 2,630.9 crore in FY23. It recorded a loss of Rs 1,584.4 crore compared with Rs 1,472 crore in FY23.

The company’s total borrowings were Rs 2,389.2 crore as of March 31 2024, and a net worth of Rs 2,019.3 crore.