OLA Electric is planning to file an IPO worth up to $700 million in October – sources
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of India Ola Electric It plans to file regulatory documents for its IPO worth up to $700 million before the end of October, this information has been given by sources. Backed by investors including Singapore’s Temasek and Japan’s SoftBank, Ola Electric was valued at $5.4 billion in its recent fund raise. In an email to its bankers and lawyers on Sunday, an Ola Electric executive said the external advisers on the IPO — which included the investment banking units of India’s Kotak and ICICI, as well as foreign banks including Bank of America and Goldman Sachs — were “extremely Asked to give “help”. The “priority” is to meet the five-week deadline, sources said.
Ola Electric and Kotak did not respond to requests for comment
Ola Electric and Kotak did not respond to requests for comment, while the other three banks declined to comment. The source does not wish to be identified because the communication is internal.
The IPO project was internally named “Project Himalaya”.
Ola’s IPO project has been internally named “Project Himalaya”, sources said, and the memo came with a request to bankers and lawyers: not to plan “long holidays to ensure availability”.
Ola Electric is targeting IPO roadshow in January or early February
Once the IPO papers are filed, they will be reviewed by India’s markets regulator who may also send questions, indicating that any potential listing is still months away. Ola Electric is targeting an IPO roadshow in January or early February, one of the sources said.
India’s market leader in e-scooter company with 30% share
The company, India’s market leader in e-scooters with 30% share, was founded by Bhavish Aggarwal and has seen a rise in popularity as the country promotes the use of electric cars and scooters.
E-scooters, whose price starts from Rs 89,000,000
He has said that his affordable e-scooters, whose price starts at Rs 89,000, are for the general public and in an interview this year he said, “Tesla is for the West, Ola is for the rest.”
Ola Electric is still in loss
However, Ola Electric is still in loss. Reuters reported that an operating loss of $136 million was recorded on revenue of $335 million in the financial year ending March 2023.
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