Ola Electric To Launch IPO Soon, To Hold Talks With Investors

Ola Electric will host its investor meeting next week in preparation for a smooth and successful launch of its Initial Public Offering (IPO) in late 2023. According to sources cited by Reuters, the Indian e-scooter manufacturer would start discussions with investors in Singapore and the USA for its up to USD 1 billion IPO.

According to the news agency, the company anticipates submitting its regulatory documents for the IPO's approval by the end of August.

According to Reuters, Ola expects to raise between USD 600 million and USD 1 billion in its initial public offering (IPO), which is scheduled for late 2023. Foreign investors like SoftBank and Temasek support the business.

Bhavish Aggarwal, the founder of Ola, will visit Singapore, the United States, and the United Kingdom over the course of the next two weeks to meet with possible investors and discuss the opportunities presented by India's developing EV market.

According to the first source who spoke to Reuters, Bhavish Aggarwal will meet investors including BlackRosk, Singapore's sovereign wealth fund GIC, and mutual funds like T Rowe Price during the trip.

"EVs are still a developing market, and while there are some global parallels, the situation in India is even more recent. In order to give investors comfort, Bhavish wants to take his time," source told Reuters.

The business just added Bank of America to its list of lead managers for the IPO. Axis and ICICI Securities, in addition to BoA, Goldman Sachs, Citi, and regional Kotak Banks, would be in charge of the efficient management and implementation of its IPO plans. Additionally, Bank of America remained silent about the intentions for the Ola IPO.