(Bloomberg) -- SoftBank Group Corp.-backed Indian e-scooter maker Ola Electric Mobility Ltd.’s initial public offering is set to draw investor bids from Fidelity, Nomura and Norway’s Norges Bank, Reuters reports, citing two people with direct knowledge of the matter.
Fidelity is expected to place bids of around $75 million while Nomura and Norges will bid $100 million each in Ola’s so-called IPO anchor book, Reuters said, citing one person with direct knowledge of the bid amounts. High-profile institutional investors are allotted shares before the subscription opens for other investors.
At least four Indian mutual funds, including SBI, HDFC, UTI and Nippon India, will place bids, the two people with direct knowledge told Reuters. The collective bid amounts are expected to be more than $700 million, the media outlet said, citing one of the unidentified people.
Ola Electric didn’t respond to a Reuters request for comment. None of the investors named immediately responded to Reuters on Sunday outside regular business hours.
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