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India’s Ola Electric to Raise $662 Million in IPO

India’s Ola Electric to Raise $662 Million in IPO

Bangalore-headquartered electric vehicle company Ola Electric has filed for an initial public offering (IPO) planned for this year. The IPO aims to raise $662 million, which will make Ola Electric the first EV maker to be publicly listed in India.

This upcoming IPO is seen as an important test case for India’s fledgling electric vehicle market. As the first major public listing of an Indian EV company, it will provide a glimpse into investor appetite for the sector.

Ola Electric manufactures electric two-wheelers such as electric scooters. It is seeking funding to expand manufacturing capacity to meet growing demand.

Ola Electric manufactures electric scooters and was founded in 2019 as a spin-off from the ride-hailing firm Ola. It is targeting a valuation of $6.5-$8 billion through the IPO. The offering will also see some early investors sell around 95 million shares.

The funds raised will help Ola Electric expand manufacturing capacity for EV cells and batteries as it plans major expansion into electric cars and energy storage. Founder Bhavish Aggarwal aims to build Ola Electric into a major EV producer spanning two-wheelers, cars, and batteries.

The IPO comes after Ola Electric raised $384 million in October 2022 from investors such as  Temasek and State Bank of India at a $5.4 billion valuation. However, it continues to be loss-making, with fiscal 2023 losses at $176 million.

The IPO outcome will test investor appetite for India’s promising but early-stage electric mobility market. As the first such major public listing, Ola Electric’s IPO performance will set the tone for future fundraising and growth of Indian EV startups.

Reaching this IPO milestone makes Ola Electric a pioneer for India’s emerging EV industry.

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