Ola Electric to Host Investor Meet for E-scooter IPO in Two Weeks
Ola Electric, the prominent Indian e-scooter manufacturer, is making preparations for its forthcoming Initial Public Offering (IPO) in late 2023. In order to ensure a seamless and prosperous launch, the company has scheduled an investor meeting in the coming weeks. As reported by Reuters, Ola Electric will engage in discussions with investors from Singapore and the United States, with the goal of securing up to $1 billion for its IPO.
According to insider sources, Ola Electric is expected to file the necessary regulatory papers for IPO approval by August. Reputed foreign investors such as SoftBank and Temasek have shown their support for the company, indicating the potential for a successful fundraising campaign.
Reuter’s report suggests that Ola Electric aims to raise between $600 million and $1 billion through its IPO, slated for the latter part of 2023. As part of its investor outreach strategy, the company’s founder, Bhavish Aggarwal, plans to embark on a trip to Singapore, the United States, and the United Kingdom. During these visits, Aggarwal will meet with investors including BlackRosk, Singapore’s sovereign wealth fund GIC, and mutual funds such as T Rowe Price, as informed by an anonymous source cited by Reuters.
Given the nascent stage of the EV market in India, Aggarwal intends to leverage this additional time to familiarize potential investors with the business potential and unique opportunities within the Indian EV sector. The source explained, “EVs are still an emerging space, and while there are some global parallels, it is an even newer story in India. So Bhavish wants to take the extra time to create comfort for investors.”
Bank of America has been appointed as one of the lead managers for Ola Electric’s IPO. Alongside Bank of America, renowned financial institutions such as Goldman Sachs, Citi, and local banks including Kotak, Axis, and ICICI Securities will collaborate to ensure the smooth execution and management of the IPO plans. Bank of America refrained from providing official comments regarding Ola Electric’s IPO plans.
As of now, Ola Electric has not made any official statements regarding the planned investor meetings.
With its IPO, Ola Electric aims to secure a dominant position in India’s promising EV sector. The company asserts that it sells approximately 30,000 e-scooters per month, each priced around $1,600.
The investor meeting serves as a crucial step in building investor confidence, facilitating the company’s growth prospects, and achieving a valuation expected to exceed $5 billion, according to insider sources.
Also Read: All Upcoming IPO’s News
Despite facing competition from industry giants such as TVS Motors, Ather Energy, and Hero Electric, Ola Electric remains determined to emerge as the market leader in India’s nascent yet highly promising EV market. These aforementioned companies have established themselves as key players in the traditional petrol-diesel automobile segment.
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About Ola Electric:
Ola Electric Mobility, headquartered in Bengaluru, India, is a prominent electric two-wheeler manufacturer. As of May 2023, the company boasts an impressive valuation of approximately $6 billion. Ola Electric’s manufacturing facility is situated in Krishnagiri, Tamil Nadu, India.
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