Ola Electric, a prominent manufacturer of electric scooters and a SoftBank and Temasek-backed enterprise, is set to hold discussions with investors in Singapore and the United States regarding its upcoming $1 billion (roughly Rs. 8,250 crore) IPO, marking the first in a series of meetings. The company intends to raise between $600 million (nearly Rs. 4,950 crore) and $1 billion in its initial public offering, scheduled for the end of 2023, and is starting investor meetings earlier than usual due to the nascent nature of India’s EV market. Ola Electric’s founder and CEO, Bhavish Aggarwal, will travel to Singapore, the UK, and the US to meet with investors such as T Rowe Price, GIC, and BlackRock. Ola Electric currently dominates India’s e-scooter market, selling roughly 30,000 scooters a month, at a price of approximately $1,600 (nearly Rs. 1,32,000) apiece.
According to insiders, Ola Electric will file regulatory paperwork for the IPO’s approval by August. The meetings will concentrate on the company’s scooter business, growth prospects, and valuation, which is likely to exceed $5 billion. The company faces competition from start-ups and larger companies such as TVS Motors, Ather Energy, and Hero Electric, all of which are rapidly expanding their EV scooter offerings. Additionally, Bank of America has been appointed as one of the lead managers for the IPO, with Goldman Sachs, Citi, and regional banks Kotak, Axis, and ICICI Securities.
In other news, Apple unveiled its first mixed reality headset, the Apple Vision Pro, at its annual developer conference, alongside new Mac models and forthcoming software upgrades. For a rundown of all of the conference’s most important announcements, listen to the Gadgets 360 podcast Orbital, accessible on Spotify, Gaana, Jiosaavn, Google Podcasts, Apple Podcasts, Amazon Music, and other platforms. Affiliate links may be included.
Denial of responsibility! TechCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
