Ola Electric enlists Goldman Sachs and Kotak for IPO plans by end of 2023: Report

Delhi : India's Ola Electric has selected local bank Kotak and investment bank Goldman Sachs to oversee the share sale as it prepares to debut on the stock exchange by the end of 2023. When Ola Electric raised the most money in 2022, it was valued at $5 billion. Ola Electric is a manufacturer of electric scooters and is supported by investors including SoftBank Group Corp and Tiger Global Management.

The insider predicted that more investment banks will be recruited as the deal got closer. Bhavish Aggarwal, who also launched the ride-hailing company Ola and competes with Uber, founded Ola Electric in an effort to corner the budding but potential Indian electric car industry.

It is the market leader in the EV scooter area and sold over 30,000 scooters in April, its biggest number to far, according to the source. The EV scooter business would aim for a value more than $5 billion, the person added, but it has not yet decided how much it will raise in the IPO or what valuation it will seek.

This might be India's largest IPO this year despite sluggish market circumstances if it sells 10% of the IPO at that price, which is the legal minimum necessary to list. It will be "difficult," the source acknowledged, to file its draught paperwork, advertise to investors, and list by the end of the year, but Chief Executive Aggarwal was certain about the deadline.