Ola Electric IPO expected in early 2024
Ola Electric in advanced talks with the investment banks Kotak Mahindra Capital and Goldman Sachs for an initial public offering (IPO) in early 2024. The electric mobility startup aims to go public before the government subsidies for electric vehicles are discontinued. This makes Ola Electric one of the few venture capital-backed companies to enter IPO discussions within a six-month timeframe.
The electric mobility startup, backed by some of the world’s biggest private market investors, including SoftBank and Tiger Global, held meetings with several domestic and foreign investment banks in May to initiate preparations for an IPO.
Kotak Mahindra Capital and Goldman Sachs are currently in advanced talks to be selected as financial advisors, with Kotak closely collaborating with the startup to determine the IPO’s structure, the people said, requesting anonymity. Additionally, Ola Electric plans to appoint at least two more investment banks at a later stage. The company is believed to have engaged Cyril Amarchand Mangaldas as legal advisor for the IPO.
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