Ola Electric to become India’s first electric vehicle company to file for an IPO. It has prepared for an IPO listing of about 8,5000 crore rupees. This amount includes fresh investment and the selling of equity by existing investors. Additionally, this is the first IPO that has been registered by an automobile company in the last 20 years.
To launch its IPO, Ola has conducted meetings with investors from India and other countries. It is expected that its IPO will be available for investors very soon.
Leading Banks and Investors Behind Ola’s IPO
Kotak Bank is among the main banks that Ola is working with. The other banks which are involved in the IPO listing are Goldman Sachs & Citi. Ola’s top management and banking officials have been engaged in drafting the final details of filing the IPO. The initial IPO may be ready for launching anytime in early 2024.
The top world-level investors include Temasek firm belonging to Singapore and Japan’s SoftBank. Temasek is represented by Bhavish Aggarwal. SoftBank is a leading investor that backs up and supports electric vehicle startups. SoftBank has said that the value of the automobile company has increased significantly and this gives rise to an optimistic sentiment among investors.
IPO Will Help Ola Electric Get More Capital
With the help of this IPO, Ola E will get investment from public investors. This is the company’s first IPO, which will provide it with more capital and increase its sales. The automaker is also going to build India’s first Lithium-Ion cell factory in the Krishnagiri area of Tamil Nadu.
Ola E is a leading Indian company which makes electric scooters and with the help of this IPO, it will help it to enter the electric passenger car business. It manufactures and sells electric two-wheelers. It is counted among the topmost automakers in the EV segment.
Ola Electric Using the Funds Received Earlier to Set Up its Factory
Ola E gained success in getting funding of about 3,200 crore rupees in October 2023. It received the amount of the investment from both equity and debt. The automaker is using this investment to speed up the process of setting up its factory. The unit will make electric vehicles and batteries. It is being set up in India in the state of Tamil Nadu. It is expected that the manufacturing unit will start functioning by the start of the next year, 2024. The factory will help in fulfilling Ola’s goal of producing eco-friendly vehicles that will decarbonize the environment.