Ola Electric is reportedly targeting an IPO by the end of October 2023

The IPO could have a major positive impact on Ola Electric’s future plans to tap the global market.

September 28, 2023 at 9:29 p.m. ET

2 minutes read

When it comes to electric two-wheelers, India’s Ola Electric is one of the fastest growing companies in the industry. Although the brand currently operates exclusively in India, it has made it clear through its visionary founder and CEO Bhavish Aggarwal that it has plans to enter the global market. What better way to do this than with an IPO?

In fact, talks of an IPO for Ola Electric have been circulating for months. The company reportedly intended to conduct its first IPO before the end of 2023. However, recently published insider information suggests that the company could be getting significantly closer to this goal. It is reported that Ola Electric executives are asking bankers to prioritize their schedule.

This information comes from a recent report by Reuters in which Ola Electric insiders revealed the company’s IPO targets. Ola Electric is codenamed “Project Himalaya” and is backed by some really big investors. These include the Singaporean company Temasek Holdings and the Japanese SoftBank. Ola Electric’s total value is estimated at $5.4 billion, of which $700 million will go to its initial public offering.

The Reuters report highlights an email sent to Ola Electric’s bankers and lawyers in which the company had reportedly asked external advisers on the IPO to give “paramount importance” to the timing. Sources said that Ola Electric was working on a deadline of five weeks, further stressing that it had asked lawyers and bankers not to take longer vacation days to ensure availability. This aggressive approach seems to illustrate how urgent Ola Electric is to achieve an IPO.

Once Ola’s IPO documents are submitted, they will go through a review and approval process by the Indian market regulator, which may continue to request additional information and ask questions during the review process. This means that Ola Electric cannot 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.

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