Ola Electric, Ola founder Bhavish Aggarwal’s EV startup, is reportedly planning to launch its public offer in early 2024 and is also said to be in talks with Goldman Sachs and Kotak to manage the public offer.
This comes weeks after the startup held talks with domestic and foreign investment banks to initiate the process of its IPO. According to the unnamed source, the company is in advanced talks to hire Kotak Mahindra Capital and Goldman Sachs as financial advisors and Cyril Amarchand Mangaldas as the legal advisor for the IPO. Moreover, Ola Electric is also planning to hire at least 2 more advisors for its public offer.
According to the report published by Moneycontrol, the IPO offer will consist of primary and secondary share sales which might allow its investors, such as Temasek, Softbank, and Tiger Global, to offload their holdings. Sources have mentioned that the valuation is uncertain currently but Aggarwal is apparently aiming for a $10 billion valuation.
This comes less than a week after Ola Electric (reportedly) raised $300 million at a valuation of $6 billion.
Moreover, the company has two important events planned: the set up of its battery plant & the launch of its EV motorcycle. Firstly, the battery plant referred here is the 500,000 sq ft R&D battery innovation plant that the company is planning to set up in Bengaluru. Secondly, Ola Electric, which has been making EV scooters so far, is also planning to launch an electric motorcycle.
Although the timeline of the IPO will be difficult to comply with due to the filing requirements and convincing investors, the company reportedly has plans to launch the IPO before elections next year.