Ola Electric targeting IPO by year end, ropes in Goldman, Kotak: Report

Electric two-wheeler firm Ola Electric is looking to list on the bourses by the year-end, and has roped in Kotak alongside Goldman Sachs to manage the IPO, Reuters reported citing a person with direct information on the issue.

The Indian company which has funding from SoftBank Group Corp, and Tiger Management amongst others, was given a valuation of US$ 5 billion in its latest capital raise last year, the newswire reported.

Additional investment banks are likely to join the fray closer to the time of listing, the person informed Reuters. Moneycontrol first reported the listing plans earlier today, the newswire stated.

The person in the know informed Reuters that the firm had not decided how much it would like to raise from the public listing, or at what valuation, but would look for a valuation of more than US$ 5 billion.

If the company disposes of a 10 percent interest in the listing, which is the minimum requirement for a listing, legally, at the price, it could be the country’s largest listing in 2023, amidst insipid market conditions, Reuters reported.

The source informed the newswire that submitting the draft papers and listing by 2023 end will prove ‘difficult’, but said that chief Aggarwal was persistent on the same.

Whereas a representative from Ola refused to offer comments, those from Goldman Sachs and Kotak did not offer a timely response to Reuters.