<p>New Delhi: SoftBank-backed Indian e-scooter maker Ola Electric will offer shares in the price band of 72-76 rupees ($0.86-$0.91) in its stock market offering which will open this week and be one of India's biggest IPOs this year, a newspaper ad showed on Monday.</p><p>Ola Electric's roughly $740 million IPO will be the first by an Indian electric vehicle maker. The company is the biggest player in the e-scooter market in a country where adoption of clean vehicles is still low but rising rapidly.</p><p>A newspaper ad by the company in the <em>Financial Express</em> showed the 72-76 rupee price band, with a 7 rupee per share discount for certain eligible employees bidding in the IPO.</p>.<p>The IPO will open for subscriptions Aug. 1 to Aug. 6.</p><p>It is set to draw investor bids from Fidelity, Nomura and Norges Bank, as well as several Indian mutual funds, Reuters reported earlier on Monday.</p><p>Ola's IPO will see the company issue new shares to raise $660 million and also see its existing investors, including founder Bhavish Aggarwal, offload their stake of about $80 million to IPO investors.</p>.<p>The newspaper ad showed that 10% of the IPO will be reserved for retail investors. The proceeds of the IPO will be used for funding capital expenditure and for research and development. (</p>
<p>New Delhi: SoftBank-backed Indian e-scooter maker Ola Electric will offer shares in the price band of 72-76 rupees ($0.86-$0.91) in its stock market offering which will open this week and be one of India's biggest IPOs this year, a newspaper ad showed on Monday.</p><p>Ola Electric's roughly $740 million IPO will be the first by an Indian electric vehicle maker. The company is the biggest player in the e-scooter market in a country where adoption of clean vehicles is still low but rising rapidly.</p><p>A newspaper ad by the company in the <em>Financial Express</em> showed the 72-76 rupee price band, with a 7 rupee per share discount for certain eligible employees bidding in the IPO.</p>.<p>The IPO will open for subscriptions Aug. 1 to Aug. 6.</p><p>It is set to draw investor bids from Fidelity, Nomura and Norges Bank, as well as several Indian mutual funds, Reuters reported earlier on Monday.</p><p>Ola's IPO will see the company issue new shares to raise $660 million and also see its existing investors, including founder Bhavish Aggarwal, offload their stake of about $80 million to IPO investors.</p>.<p>The newspaper ad showed that 10% of the IPO will be reserved for retail investors. The proceeds of the IPO will be used for funding capital expenditure and for research and development. (</p>