Ola Electric to file for IPO by December 20: Report

Ola Electric is likely to file its draft red herring prospectus (DRHP) to list on the Indian bourses by December 20, CNBC TV18 reported on Monday.

The report said the electric mobility company is looking to raise $700 million in proceeds, at a valuation of $7 billion to $8 billion in its initial public offering (IPO). Ola Electric is likely to use the funds to boost lithium-ion battery manufacturing and expand its electric vehicle business. The listing will happen by early 2024, it added.

Last month, Ola Electric converted itself from a private company to a publicly listed entity in anticipation of its public listing. It recently raised Rs 3,200 crore in a mix of equity and debt from Temasek and State Bank of India to back the expansion of its gigafactory.

Valued at $5.4 billion post-money, as of September 2023, Ola Electric reported a consolidated loss of Rs 784.15 crore for FY22, even as its consolidated income jumped 4.2X annually to Rs 456.26 crore.

The chief contributor to the revenue uptick was the sale of e-scooters. Nearly 1.5 lakh scooters were sold in FY22.

The company is yet to file its earnings for FY23.

Reuters had earlier reported that the company would file its DRHP by the end of October 2023.

At TechSparks 2023 in Bengaluru, Ola Electric's founder, Bhavish Aggarwal, said the company was looking to set up a four-wheeler manufacturing facility near its gigafactory.

A spate of investors is looking to offload their stakes in the company during its IPO, according to YourStory's sources.