Ola Electric is planning an initial public offering (IPO) by the end of 2023 and has appointed investment bank Goldman Sachs and domestic bank Kotak to manage the share sale, according to a Moneycontrol report quoting people familiar with the matter. More investment banks are also likely to be added closer to the deal.
Ola Electric, which is backed by investors such as SoftBank Group Corp and Tiger Global Management, was valued at $5 billion in its last fundraise in 2022.
According to the report, the electric mobility startup aims to go public before the government subsidies for electric vehicles are discontinued. This makes Ola Electric one of the few venture capital-backed companies to enter IPO discussions within a six-month timeframe.
It added that the electric mobility startup aims to go public before the government subsidies for electric vehicles are discontinued. This makes Ola Electric one of the few venture capital-backed companies to enter IPO discussions within a six-month timeframe.
Ola Electric, founded by Bhavish Aggarwal, sold around 30,000 scooters in April, its highest so far, and is the market leader in the EV scooter space, according to a Reuters report.
The EV scooter company has not finalised how much it plans to raise in the initial public offering (IPO) or what valuation it will seek, but it will aim for a valuation higher than $5 billion, Reuters reported.
If it sells 10 per cent in the IPO – the minimum legally required to list – at that price, this could be India’s biggest IPO this year amid tepid market conditions.
Filing its draft documents, marketing to investors and listing by the end of the year will be “difficult,” the source said, but added that Chief Executive Aggarwal was insistent on the timeline.
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