According to a story by the news agency Reuters, Ola Electric is aiming to go public on the stock market by the end of this year. The company has hired the investment banks Goldman Sachs and Kotak Mahindra to handle the sale of shares. As the deal gets closer, it’s possible that more investment banks will be added.
Ola Electric was worth $5 billion in 2022, when it raised money from partners like SoftBank Group Corp and Tiger Global Management. The nation’s electric car industry is being pursued by Ola Electric, which was founded by Bhavish Aggarwal, who also founded the ride-hailing company Ola and is a rival to Uber.
The company that makes electric scooters hasn’t decided how much money it wants to get from its initial public offering (IPO), but it wants to be worth more than $5 billion. If it sells 10% in the IPO, which is the legal minimum to get listed, it could be India’s biggest IPO this year, even though the market isn’t doing very well.
Reuters says that it will be “difficult” for the company to file its draught papers, market to investors, and list by the end of the year, but the company’s Chief Executive Aggarwal was adamant about the timeframe.
A study on electric mobility that came out in April said that Ola Electric’s sales went up three times, hitting 730,000 units in the fiscal year 2022-2023 (FY23). Additionally, Ola’s market share increased to 30% in the March quarter, and for the entire year, it led with a market share of 22%, ahead of Okinawa, Ampere, Ather, and Hero.
In the new financial year, the company plans to put more money into its huge growth plans. The company that makes two-wheeled vehicles wants to add 50 more experience sites to the 400 it already has. The business says that about 90% of its customers live within 20 km of any of its experience centres.
But since last year, the EV company has been caught up in a number of scandals. Even so, the business has kept opening new shops and announcing new products.
Aggarwal recently posted online hints about the Ola S1 Air electric bike, which came out last year in India. The electric scooter is the least expensive e-scooter the company has made so far. It comes in three different versions, and the price for the base form starts at 84,999. On the other hand, the mid-level and top-level models cost 99,999 and 1,09,000, respectively.
In January of this year, Ola Electric Mobility and the Tamil Nadu government signed a memorandum of understanding (MoU) at the Chennai Secretariat. The company wants to build a 20 GW battery factory in the state so it can make its electric four-wheeler cars there.
