When it comes to electric two-wheelers, India’s Ola Electric is one of the fastest growing companies in the sector. Although it currently operates 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, talk of Ola Electric going public has been circulating for months, with reports claiming that the company had intentions of holding its first initial public offering before 2023 came to an end. That said, recently leaked insider information suggests that the company may be much closer to achieving this. It is reported that Ola Electric executives are asking banks to prioritize their timetable.
This information comes from a recent Reuters report, in which Ola Electric insiders revealed the company’s IPO aspirations. Codenamed “Project Himalaya”, Ola Electric is being backed by some heavyweight investors. These include Singaporean company Temasek Holdings, as well as Japan’s SoftBank. In total, Ola Electric is estimated to be worth 5.4 billion dollars, 700 million of which will go 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 the IPO’s external consultants to give “the utmost importance” to its timetable. Sources said that Ola Electric was working to a five-week deadline and further stressed that the company had asked lawyers and bankers not to plan any extended leave to ensure availability. This aggressive approach seems to be indicative of the urgency with which Ola Electric intends to go public.
Once Ola’s IPO documents are submitted, they will go through a review and approval process by the Indian market regulator, which can still request additional information and submit questions during the review process. This means that Ola Electric cannot guarantee a specific timetable and that going public could still take a few months. However, Ola Electric expects to hold IPO roadshows as early as January or February 2024