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Ola Electric Plans For IPO Filing To Raise $700 Million: Report Ola Electric is targeting IPO road shows for early January or February, as per the report

By Teena Jose

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Ola

India's Ola Electric plans to file regulatory papers for its up to $700 million IPO before the end of October as the e-scooter maker fast-tracks its listing move, according to a Reuters report, citing close sources aware of the development.

In an email to its bankers and lawyers on Sunday, an Ola Electric executive asked external advisers on the IPO – including the investment banking units of India's Kotak and ICICI, as well as foreign banks including Bank of America and Goldman Sachs – to give "utmost priority" to meet a five-week deadline, said the sources as per the report.

It further added, Ola's IPO project is internally codenamed "Project Himalaya", and the memo came with a request to bankers and lawyers: do not plan any "long leaves to ensure availability", as IPO-bound Indian companies usually do not instruct senior bankers and lawyers to not take leaves.

As per the available reports, Ola Electric is targeting IPO roadshows for early January or February.

Backed by investors including Singapore's Temasek and Japan's SoftBank, Ola Electric was reportedly valued at $5.4 billion in a recent fund raising. It also recorded an operating loss of $136 million on revenue of $335 million in the fiscal year ending March 2023, Reuters has reported.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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