Ola Electric to kick off investor meet on IPO plans
India’s Ola Electric will hold talks next week with investors in Singapore and the United States on its planned stock market listing, the first of a series of meetings for its up to $1 billion IPO, two sources with direct knowledge said.
The sources said Ola, which makes electric scooters and is backed by investors such as SoftBank and Temasek, has plans to raise between $600 million and $1 billion in its initial public offering (IPO), which is planned for late 2023. With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India’s nascent EV market.
Ola’s founder and CEO Bhavish Aggarwal will travel to Singapore, United States and United Kingdom over the next two weeks, said the two sources, who declined to be named as the plans are confidential. Aggarwal plans to meet investors, including BlackRock, Singapore’s sovereign wealth fund GIC, and mutual funds such as T Rowe Price, the first source said.
Ola competes with other startups and bigger companies like TVS Motors, Ather Energy and Hero Electric, which are ramping up their EV scooter plans.
