India’s Ola Electric is all set to get a stock market listing by the end of 2023.
In this regard, the Indian electric two wheeler manufacturer has appointed investment bank Goldman Sachs and domestic bank Kotak to manage the share sale, according to the sources.
OLA Electric IPO Launch
As we know that Ola Electric is backed by investors such as SoftBank Group Corp and Tiger Global Management.
The company was valued at $5 billion in its last fundraise in 2022.
It appears that more investment banks are likely to be added closer to the deal, as per the information given by the sources.
The two wheeler manufacturing company was founded by Bhavish Aggarwal.
He has established ride-hailing firm Ola and competes with the likes of Uber and is trying to capture India’s nascent but promising electric vehicle market.
Further, talking on the subject, the sources said that It sold around 30,000 scooters in April, its highest so far, and is the market leader in the EV scooter space.
Could Be The Biggest IPO This Year
The EV scooter company is yet to finalize on how much it plans to raise in the initial public offering (IPO) or what valuation it will seek.
But, it will aim for a valuation higher than $5 billion, the sources highlighted.
In case it plans to sell 10% of its stake in the IPO which is also the minimum legally required to list, then at that price, this could be India’s biggest IPO this year considering the tepid market conditions.
But sources also emphasized that filing its draft documents, marketing to investors and listing by the end of the year will be “difficult,”.
They also added that Chief Executive Aggarwal seems to be insistent on the timeline.
So far, the spokesperson from Ola has declined to comment on this subject.
Other players like Kotak and Goldman Sachs also did not immediately respond to the requests for comment.
Earlier, this electric mobility startup which is backed by some of the world’s biggest private market investors, including SoftBank and Tiger Global, held meetings with several domestic and foreign investment banks in May to initiate preparations for an IPO.
