Ola Electric wants $10 billion valuation in IPO, to file DRHP by next quarter

Bhavish Aggarwal-led Ola Electric is in the stages of getting into bourses. According to a YourStory report, the EV maker will file DRHP by the end of the next quarter and possibly looking to raise $1 billion at a valuation of $10 billion in its IPO, which it will launch in early 2024.

The report further added that the company has hired Goldman Sachs, Kotak, Citi, and Axis. Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas will provide legal representation. 

A Business Standard report said that the company could use the IPO funds to scale up operations, fund the battery manufacturing plant, and ramp up its scooter production.

In addition to this, Ola Electric also expects to expand its EV two-wheeler manufacturing capacity to 2 million per year, from 500,000 currently.

Temasek, Softbank, Tiger Global Management, Edelweiss, Matrix Partners India, Kia Motors, and Alpha Wave Investors, are some of its biggest shareholders. 

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