Ola Electric, which makes electric scooters, is gearing up for a stock market listing by the end of the year despite the tepid market conditions.
According to a Reuters report, the company, founded by Bhavish Aggarwal and backed by investors like SoftBank Group Corp and Tiger Global Management, has roped in global investment bank Goldman Sachs and Kotak Mahindra to manage the share of sales. More investment banks are likely to be added soon.
The company, which is trying to capture India's electric vehicle market which is still in the nascent stages, is yet to finalise the amount of money it plans to raise through the IPO (initial public offering). It is expected to seek a valuation higher than $5 billion, Reuters quoted a source as saying.
In its last fundraise in 2022, the company was valued at $5 billion.
In the fiscal year 2022-2023, Ola Electric sold 730,000 units, a three-fold increase in sales volumes. The company currently offers two electric scooters, S1 and S1 Pro.
Meanwhile, the total amount raised through IPO more than halved to Rs 52,116 crore in FY23 from an all-time high collection of Rs 1,11,547 crore in the previous fiscal. A mere 37 companies hit the main board listing process in FY23, much lower than 53 IPOs in FY22.