Ola is biggest escooter maker in India
IPO to draw bids from Fidelity, Nomura, Norges Bank
IPO values Ola 25 below last private fundraising

MUMBAI, July 29 Reuters Indian escooter maker Ola Electric said on Monday it aimed to raise 734 million in the country39;s biggest IPO this year, a deal set to lure major foreign investors and highlight growing confidence in India39;s financial markets.

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 first IPO by an Indian electric vehicle maker will let investors bet on a clean energy push by Prime Minister Narendra Modi39;s government, as well as firms from Tata Motors and TVS Motor to Hyundai Motor.

Our mission is to really make India a global EV hub, Ola39;s chairman Bhavish Aggarwal told reporters at a press conference in Mumbai, where he posed for photographs sitting on his escooters that start retailing at 900.

SoftBankbacked Ola Electric has become the biggest player in a country where adoption of clean vehicles is still low, but rising rapidly. It had 46 of the escooter market as of June 30 despite slashing sales goals last year.

Tesla is for the West and Ola for the rest, has become a catchphrase linked to Aggarwal, who is betting big on cleaner vehicles.

Aggarwal had plans to start selling an electric car in 2024, but Reuters…