Ola could lower its valuation by 16-20% to roughly USD 4.5 billion, as compared to its earlier funding round, as the Softbank-backed firm looks to go public, Reuters reported citing two persons in the know.
SEBI approved electric two wheeler Ola's USD 660 million stock market listing, making it the first EV firm to list, in what is also slated to be amongst India's
biggest share sales this year, Reuters noted.
The company is set to take to the Indian bourses early next month, the two persons in the know told the newswire, who spoke on condition of anonymity. Reuters could not get a timely response from the company on this matter.
The company was valued at USD 5.4 billion in its latest funding round in September where Temasek was the lead investor. One source noted that this would come down citing a 'recalibration' of tech stocks' valuation globally.
The second person in the know told the newswire that the valuation was set to be lower as it wanted the listing to be "attractively priced," for investors to make wealth.
India's stock market overtook Hong Kong's earlier this year to become the world's fourth-largest, the newswire further noted.