Ola Electric IPO | Company set to file papers for $700-million offering by October-end
Indian electric two-wheeler company Ola Electric is set to file its regulatory papers for its initial public offering (IPO), totalling nearly $700 million, before October-end. The company was valued at $5.4 billion in a recent fundraise backed by investors, including Singapore’s Temasek and Japan’s SoftBank.
The Bengaluru-headquartered company urged advisers on the IPO, including Bank of America, Goldman Sachs, Kotak and ICICI to give “utmost priority” to meet a five-week deadline, an executive from the company stated in an email to its bankers and lawyers, sources were quoted as saying by Reuters.
The listing of Ola Electric could get delayed as following the filing of IPO papers, the Securities and Exchange Board of India (SEBI) will review and can send queries. Ola Electric is expected to organise IPO roadshows in early January or February, Reuters reported.
Ola Electric, which was founded by Bhavish Aggarwal, leads in the Indian e-scooter market with a 30 percent share. Its popularity has increased as the Indian government is promoting the use of electric vehicles. Earlier this year, Aggarwal said Ola Electric scooters are for the masses while the Tesla is for the West.
However, Ola Electric registered an operating loss of Rs 1,119 crore ($136 million) on a revenue of Rs 2,740 crore ($335 million) in the financial year ended March 2023.
