Ola Electric, a prominent player in the electric two-wheeler segment in India, is swiftly advancing toward the possibility of going public, signaling its intentions to step onto the global stage. The company’s visionary founder and CEO, Bhavish Aggarwal, has been steadfast in expressing ambitions beyond India’s borders, and an Initial Public Offering (IPO) appears to be a pivotal step in that direction.
Rumors of Ola Electric’s IPO plans have been circulating for several months, with reports initially indicating the company’s aim to complete its first IPO before the conclusion of 2023. Recent insights from insiders, however, suggest that the company may be moving even closer to realizing this goal. According to sources, Ola Electric executives are actively engaging with bankers to accelerate their IPO timeline.
This revelation stems from a recent report by Reuters, where insiders within Ola Electric disclosed the company’s aspirations for an IPO. Codenamed “Project Himalaya,” Ola Electric has garnered support from substantial investors, including Singaporean firm Temasek Holdings and Japan’s SoftBank. The company’s total valuation is estimated at $5.4 billion, with a significant portion of $700 million earmarked for its impending IPO.
As per Reuters’ report, an email from Ola Electric to its bankers and legal advisors underlined the company’s request for the utmost priority to be placed on its IPO timeline. It is reported that Ola Electric is operating on an ambitious five-week deadline and has urged its legal and banking partners not to schedule any extended leaves, underscoring the company’s determination to expedite the IPO process.
However, it’s important to note that even with such urgency, Ola Electric cannot guarantee a specific timeline for its IPO. The IPO papers submitted by the company will undergo scrutiny and approval by India’s market regulator, who may seek additional information and pose queries during the review process. Consequently, the actual listing may still be several months away.
Nonetheless, Ola Electric aims to kickstart IPO roadshows as early as January or February in 2024, underscoring its commitment to making significant strides toward its vision of global expansion through the capital markets.
