Ola Electric and Emcure Pharmaceuticals receive SEBI's approval for India's first EV startup IPOs.

Ola Electric and Emcure Pharmaceuticals receive SEBI's approval for IPOs, marking the first IPO by an electric vehicle (EV) startup in India. Ola Electric plans to use its Rs 5,500 crore IPO proceeds to expand its cell manufacturing capacity, invest in research and development, and repay debts. Emcure Pharmaceuticals, backed by Bain Capital, will raise funds through a combination of fresh equity issuance and an offer for sale by existing stakeholders, primarily to settle debts.

June 20, 2024
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