Ola Electric is planning stock market debut by 2023-end, claims report

Indian electric vehicles major Ola Electric is planning its stock market debut by the end of 2023. Moreover, the company has appointed investment banking firm Goldman Sachs and Indian domestic bank Kotak Mahindra to manage the share sale, sources told Reuters.
 
Ola Electric makes electric e-scooters. The company is founded by Bhavish Aggarwal who also runs ride-hailing platform Ola Cabs.
 
Sources also said that more investment banks will be added closer to the deal. In addition, the EV giant has not yet finalised how much it plans to raise in the initial public offering (IPO) or what valuation it will seek, but it will seek a valuation higher than $5 billion, the source said.
 
Filing its draft documents, marketing to investors and listing by the end of the year will be "difficult," the source said, but added that Aggarwal was insistent on the timeline.
 
Ola Electric’s last fundraise reportedly happened a couple of days ago when it raised $300 million at a valuation of $6 billion. This round was led by a sovereign wealth fund and Ola’s long-time backer SoftBank, a business daily reported. Officially, the company's last round was in January this year when it raised $200 million in January 2022 from Tekne Private Ventures, Alpine Opportunity Fund and Edelweiss, among others. The company was valued at $5 billion back then.
 
Aggarwal in an interview with Business Today earlier shared details about the company’s IPO plans, its humongous push on electrification, etc. 
 
“We tried to list it last year, but we didn’t do it. We will do it soon. Then, Ola Electric is now India’s No. 1 EV company by revenue—even bigger than the four-wheeler EV companies by revenue—and last year we scaled up manufacturing, our front-end [and] back-end. In January last year, we started selling. Last year was a very action-filled year for us at Ola Electric. It’s a massive undertaking and it was very exciting. I have been very optimistic... not just optimistic but very aggressive about India’s need to lead the world in electrification,” he said.
 
BT reached out to the company for a comment but failed to get one immediately.

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