As far as electric two-wheelers go, India’s Ola Electric is one of the fastest-growing companies in the business. Despite currently operating exclusively in India, the brand, through its visionary founder and CEO Bhavish Aggarwal, has made it clear that it has plans of penetrating the global market. What better way to do this than with an IPO?
Indeed, talks of Ola Electric going public have been circulating for months now, with reports stating that the company had intentions of achieving its first initial public offering before 2023 draws to a close. That being said, recently disclosed insider information suggests that the company could be much closer to achieving this. It’s reported that Ola Electric executives are requesting bankers to prioritize their timeline.
This information comes from a recent report by Reuters, wherein insiders from Ola Electric disclosed the company’s IPO aspirations. Codenamed “Project Himalaya,” Ola Electric is being backed by some really hefty investors. These include Singaporean company Temasek Holdings, as well as Japan’s SoftBank. In total, it’s estimated that Ola Electric’s value is $5.4 billion, of which $700 million will go into its first public offering.
Reuters’ report highlights an email sent to Ola Electric’s bankers and lawyers, wherein the company reportedly asked external advisers on the IPO to give “utmost importance” to its timeline. Sources stated that Ola Electric was working on a five-week deadline, and further highlighted that it requested lawyers and bankers to not plan any extended leaves to ensure availability. This aggressive approach seems to be telling about just how urgently Ola Electric wants to achieve an IPO.
Once Ola’s IPO papers are filed, they’ll go through a review and approval process by India’s market regulator, who can still request for additional information and send queries during the review process. This means that Ola Electric can’t guarantee a specific timeline, and an actual listing could still be a few months away. Nevertheless, Ola Electric hopes to conduct IPO roadshows as early as January or February, 2024.
