India’s Ola Electric plans to list on the stock market by the end of 2023, and has appointed investment bank Goldman and domestic bank Kotak to manage the share sale.
Ola Electric, which makes electric scooters, is backed by investors such as SoftBank Group Corp and Tiger Global Management, and valued at $5 billion in 2022.
Ola Electric, founded by Bhavish Agarwal, who also founded ride-hailing firm Ola and competes with Uber, is trying to capture India’s nascent but promising electric vehicle market.
The source said more investment banks are likely to be roped in closer to the deal. Local business website Moneycontrol first reported the IPO plans earlier in the day.
Ola Electric, founded by Bhavish Agarwal, who also founded ride-hailing firm Ola and competes with Uber, is trying to tap into India’s nascent but promising electric vehicle market. It sold nearly 30,000 scooters in April, Which is the highest ever.
The source said the EV scooter company has not finalized how much it plans to raise in the public offering or what valuation it will seek, but will aim for more than $5 billion.
If it sells 10 per cent in the IPO. At that price, the minimum legally required to list, it could be India’s largest initial public offering.
The source said the EV scooter company has not finalized how much it plans to raise in the initial public offering or what valuation it will seek, but will aim for more than $5 billion.
India’s Ola Electric is planning a stock market listing by the end of 2023, and has appointed investment bank Goldman Sachs and domestic bank Kotak to manage the share sale, a source with direct knowledge of the matter told Reuters. told.
If it sells 10 percent in the IPO. The minimum legally required to list. At that price, it could be India’s biggest initial public offering this year amid weak market conditions.
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