Softbank Backed Ola Electric To Discuss IPO Initiation With Investors
The first of several meetings for India's Ola Electric's up to $1 billion IPO will take place next week with investors in Singapore and the United States, according to two persons with direct knowledge.
According to the sources, Ola, a manufacturer of electric scooters that has backing from firms like SoftBank and Temasek, intends to raise between $600 million and $1 billion in its first public offering (IPO), which is scheduled for late 2023.
Ola is starting investor meetings earlier than usual to highlight the business possibilities of India's emerging EV industry because the IPO is still some time away.
Ola's founder and CEO Bhavish Aggarwal will travel to Singapore, United States and United Kingdom over the next two weeks, said the two sources, who declined to be named as the plans are confidential.
Aggarwal plans to meet investors, including BlackRock, Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price, the first source said.
"EVs are still an emerging space and while there are some global parallels, it is an even newer story in India. So Bhavish wants to take the extra time to create comfort for investors," said the first source.