Ola Electric transforms itself into a public company ahead of IPO
Ola Electric has transformed itself into a public company as it gears up for its Initial Public Offering (IPO) in the coming months. This significant milestone involves undertaking a corporate restructuring to convert itself from a private limited company to a public company, regulatory filings showed. The IPO may be in the range of $800 million to $1 billion, according to the sources.
The conversion of a private limited company into a public company is a mandatory step for a company that wants to list on the stock exchange. The name of the firm has been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited, the regulatory filings showed.
SoftBank-backed Ola Electric is India’s leading manufacturer of electric vehicles (EVs) and stands to have a market share of almost 35 per cent.
The Bhavish Aggarwal-led firm competes with Ather Energy, Okinawa Autotech, Ampere EV by Greaves, Hero Electric, and TVS Motor Company. It is also planning to produce electric cars, which will put the company in competition with Tata Motors and Mahindra & Mahindra, as well as global giants like Tesla and Hyundai. The company’s substantial investments in research and development and cell manufacturing are expected to underpin the success of its future products.
