Two sources claimed India’s Ola Electric will meet with investors in Singapore and the US next week to discuss its potential $1 billion IPO.
According to sources, Ola, which develops electric scooters and is funded by SoftBank (9984.T) and Temasek, intends to raise $600 million to $1 billion in its late 2023 IPO.
Ola is holding investor meetings earlier than normal to pitch India’s emerging EV market before its IPO. The two individuals said Bhavish Aggarwal, Ola’s founder, and CEO, will fly to Singapore, the US, and the UK in two weeks.
The initial source stated Aggarwal would meet BlackRock (BLK.N), GIC, and T Rowe Price (TROW.O) investors.
While there are global parallels, EVs are even newer in India. “Bhavish wants to take extra time to reassure investors,” stated the first source.
Ola Electric declined to comment. BlackRock, GIC, and T Rowe Price declined Reuters’ requests for comment. Reuters initially reported Ola’s investor talks.
India’s EV market is tiny but rising. Ola sells 30,000 e-scooters a month at $1,600 each, making it the market leader in India. Two sources said Ola Electric may submit regulatory paperwork for the IPO in August.
According to insiders, Ola’s scooter business, growth prospects, and more than $5 billion valuation would be discussed at investor meetings.
Ola competes with startups and larger corporations like TVS Motors (TVSM.NS), Ather Energy, and Hero Electric, which is expanding its EV scooter plans.
Its IPO lead managers include Goldman Sachs, Citi, Kotak, Axis, ICICI Securities, and Bank of America (BAC.N). Bank of America, whose hiring was unreported, did not comment.
