Ola Electric, a leading electric two-wheeler company, is preparing to file draft papers with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company is aiming to raise $700 million from the market through the IPO, with plans to file the draft papers with SEBI by the end of October 2023. Once the draft papers are submitted, SEBI will review them, and Ola Electric is planning to conduct a roadshow to launch the IPO in January or February 2024.
Ola Electric recently raised funds at a valuation of $5.4 billion, with backing from investors like Singapore’s Temasek and Japan’s SoftBank. The IPO project has been codenamed “Project Himalaya.” The IPO will include both fresh shares and shares sold through an offer for sale, where existing investors will reduce their stake in the company. Ola Electric is considering selling a total of 10 percent stake through the IPO.
The company, which holds approximately 30 percent market share in the e-scooter segment in India, focuses on affordable e-scooters, with retail prices starting from $1,080. However, Ola Electric is currently operating at a loss, with an operating loss of $136 million on revenue of $335 million in the financial year 2022-23. The IPO proceeds will be used to fund capital expenses.
Ola Electric has enlisted the services of Bank of America, Goldman Sachs, ICICI Securities, Axis Capital, and Kotak Securities as lead managers for the IPO.
Please note that this information is based on the provided text and may not reflect the latest developments in the Ola Electric IPO process.
