Indian EV Startup Ola Electric Will Launch IPO in Next 7 Months

According to a Reuters report, Indian EV startup Ola is getting ready to start a transformational journey towards an initial public offering (IPO) by the end of 2023 and has hired Goldman Sachs and Kotak to manage the share sale. This will mark a financial milestone with electrifying potential in India.

The electric two-wheeler firm hopes to finance its lofty goal of revolutionizing transportation with a clean, green, and cutting-edge approach by utilizing the capital markets. The IPO will give Ola Electric the financial impetus it needs to expand operations, strengthen its market position, and forge new paths in the ecosystem for electric mobility.

The firm decided to go public after recording its best sales to date in April, when it sold about 30,000 electric scooters, consolidating its position as the industry leader, according to sources.

Ola Electric hopes for a valuation greater than the $5 billion it achieved in its most recent funding round in the IPO, however the precise amount to be raised and the targeted valuation have still to be determined. Despite the current state of the market, if at least 10% of the shares are sold at that valuation, it might become India’s largest IPO of the year.

It may be difficult to complete the listing before year’s end, file the required paperwork, and market to investors. Ola is still committed to adhering to the schedule, though.

Ola, dubbed the most valuable electric two-wheeler business in India, has plans to provide electric motorcycles and vehicles in addition to scooters. The business also wants to raise investments in cell production to improve localization levels and fuel its expansion in the EV industry.