Cyril Amarchand Mangaldas and Latham & Watkins are advising Indian e-scooter maker Ola Electric on its proposed $734 million initial public offering in India, the largest of the year so far. Shardul Amarchand Mangaldas & Co and Linklaters are advising the book-running lead managers (BRLM) for the deal.
The BRLMs for the IPO are Kotak Mahindra Capital Company, Bofa Securities, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BoB Capital Markets.
This is the first IPO by an electric vehicle maker in India, representing a significant push to Prime Minister Narendra Modi’s clean energy drive.
SoftBank-backed Ola Electric has become the largest player in a country where adoption of clean vehicles is still low, but rising rapidly. It had 46 percent of the e-scooter market as of June 30 despite slashing sales goals last year, Reuters reported.
A stock market boom has already led more than 150 Indian companies to raise nearly $5 billion through public listings in the country between January and July, nearly double the figure for the same period last year, LSEG data shows.
The CAM team advising Ola Electric was led by senior capital markets partner Yash Ashar and included consultant Anuj Pethia; senior associates Rishav Buxi and Saurav Das; and associates Ayana Banerjee, Shashwat Solanki, and Sushant Khalkho.
Partners Bharat Reddy, Sindhushri Badarinath and Shaishavi Kadakia have also advised on matters related to promoter’s trust and employee compensation.
Partner Janhavi Manohar and associate Vedansh Batwara have advised certain selling shareholders including Tekne Private Ventures XV, Alpine Opportunity Fund VI, and Ab Initio Capital, L.P., on the deal.
The SAM team advising the BRLMs comprised head of capital markets practice Prashant Gupta; partners Sayantan Dutta and Ruth Chenchiah; senior associate Koshy Mammen; and associates Megha Mehta and Divya Dhawan.
The Linklaters team that served as international counsel to the BRLMs was led by partner and head of India practice Amit Singh, and supported by counsel Joseph Wolpin.
