Ola Electric, led by Bhavish Aggarwal, is expediting its plans to go public and is now aiming to file the draft red herring prospectus (DRHP) for its $700 million IPO by the end of October. This move comes as the company initially targeted a public listing in 2024 but has now advanced its timeline.
Road to IPO
Earlier this year, Ola Electric initiated discussions with various banks, including Kotak, Citibank, and Goldman Sachs, regarding its upcoming public offering. The company is now urging its external advisers to prioritize meeting a five-week deadline for the DRHP filing.
IPO Details
Ola Electric’s IPO is expected to raise approximately $700 million. The company is planning roadshows for the IPO, scheduled for early January or February of the next year. This accelerated IPO timeline reflects Ola Electric’s ambition to enter the public markets and raise capital for its electric vehicle initiatives.
Conclusion
Ola Electric’s decision to fast track its IPO plans underscores its determination to access the capital needed to further its electric vehicle ventures. The upcoming IPO will be closely watched in India’s growing electric mobility sector, as the company seeks to compete and innovate in this evolving market.
