India’s Securities and Exchange Board (SEBI) has cleared Ola Electric, the nation’s largest electric two-wheeler manufacturer, for its initial public offering (IPO). This marks a significant milestone as it will be the first IPO of an EV startup in the country. The IPO consists of both fresh equity issuance up to Rs 5,500 crore and an offer for sale (OFS) of 9.52 crore equity shares by promoters and investors. Ola Electric aims for a valuation of approximately $6 billion through this offering. The company plans to use the IPO proceeds for expansion, debt repayment, and research, among other initiatives.