Ola Electric plans to raise US$ 1 billion through an IPO

The Ola Electric IPO is expected to open in the last quarter of the current fiscal.

According to a media report, Ola Electric is planning to launch an initial public offering (IPO) with the aim to raise between US$ 800 million to US$ 1 billion, with a valuation of US$ 10 billion.

Reports also state that Ola Electric has appointed Goldman Sachs, ICICI Securities, Axis Capital, Citi and Kotak Securities as lead managers for its IPO. The EV maker is also said to have appointed Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas as legal advisors.

The Ola Electric IPO is expected to open in the last quarter of the current fiscal. It could be a combination of fresh issues of shares and offer-of-sale by existing investors, accounting for around 10% of the share sale.

Ola Electric would be the first Indian EV maker to be listed. If the company is able to secure the US$ 10 billion valuation, it would make it the third most-valued 2-wheeler brand in India after Bajaj Auto and Eicher Motors.

Source: ET Auto