Ola Electric plans to float IPO by 2023-end

26 May 2023 , 11:27 AM

Softbank and Tiger Global-backed Ola Electric plans to list on stock exchanges by the end of 2023 and has appointed investment bank Goldman Sachs and domestic bank Kotak to manage the IPO.

The electric two-wheeler manufacturer, valued at $5 billion in its most recent fundraise in 2022, has not decided how much it will raise in the IPO or what valuation it will seek.

Ola Electric is looking for a higher valuation than $5 billion.

If it sells 10% of its shares in the IPO – the minimum legally required to list – at that price, it could be India's largest IPO this year, despite sluggish market conditions.

Some reports suggest that it would be difficult for the company to file its draft documents, marketing to investors and listing by the end of year.

The report further stated that more investment banks will be added closer to the deal.

It sold approximately 30,000 scooters in April, its highest monthly total to date, and is the market leader in the EV scooter space.

Aside from scooters, electric motorcycles and even an electric car are in the works. According to the CEO, the company is also increasing its investments in cell manufacturing in order to increase localization levels.

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