Ola Electric, a startup focusing on electric vehicles, is preparing to launch its Initial Public Offer (IPO) in early 2024.
The company is currently in talks with investment advisory firms Kotak Mahindra Capital and Goldman Sachs to assist with the process.
As the government subsidy on electric vehicles is set to expire next year, Ola Electric aims to list on stock exchanges before the deadline.
Several renowned private equity firms, including SoftBank and Tiber Global, have already invested in the company.
Sources familiar with the matter revealed that Ola Electric held meetings with various domestic and international investment banks in May to lay the groundwork for the IPO.
Following these discussions, Kotak Mahindra Capital and Goldman Sachs are now in the final stages of negotiations.
to be selected as investment advisors Kotak is working closely with the startup to determine the IPO’s structure.
Additionally, Ola Electric plans to hire two more investment banks in the future, according to insiders.
The company has also sought the services of Cyril Amarchand Mangaldas as its legal advisor for the IPO.
A source stated, “Prior to the IPO, the company will launch a few motorcycles and enhance its focus on the battery unit.
” The reference was made in relation to Ola’s establishment of a new research and development (R&D) facility called the Battery Innovation Centre.
spanning over 500,000 square feet in Bengaluru. Furthermore, the company intends to introduce a new electric motorcycle.
Up until now, Ola Electric has exclusively operated in the electric scooter segment.
The source mentioned, “While there is no specific timeline set yet, the goal is to launch the IPO before the upcoming elections.”
Earlier this month, Moneycontrol reported that India Shelter, a housing company backed by Nexus.
Ventures and Westbridge Capital, had appointed investment bankers to facilitate an IPO worth Rs 2,000 crore.
