When it comes to two-wheeled electric vehicles, Indian company Ola Electric is one of the fastest growing companies in the sector. Although currently operating exclusively in India, the brand, through its visionary founder and CEO Bhavish Aggarwal, has made it clear that it has plans to enter the global market.
In fact, there have been talks for months about Ola Electric going public, with reports stating that the company intended to conduct its first initial public offering before the end of 2023. That being said, recently leaked insider information suggests that the company may be much closer to achieving this. It is reported that Ola Electric executives are urging banks to prioritize their schedule.
This information comes from a recent report by Reuters, in which Ola Electric members revealed the company’s aspirations for going public. Codenamed “Project Himalaya,” Ola Electric is being backed by some heavyweight investors. These include Singapore company Temasek Holdings, as well as Japanese SoftBank. Overall, Ola Electric is estimated to be worth $5.4 billion, with $700 million going towards its first public offering.
The Reuters report highlights an email sent to Ola Electric’s banks and lawyers, in which the company reportedly asked external IPO consultants to give “utmost importance” to its timeline. Sources said Ola Electric was working on a five-week deadline and also emphasized that the company asked lawyers and bankers not to plan any extended leaves to ensure availability. This aggressive approach seems to indicate the urgency with which Ola Electric aims to go public.
Once Ola’s IPO documents are filed, they will undergo a review and approval process by the Indian market regulator, who may request additional information and ask questions during the review process. This means that Ola Electric cannot guarantee a specific timeline and the IPO may still take several months. However, Ola Electric hopes to conduct IPO roadshows in January or February 2024.
