Ola Electric Gears Up For India’s Largest Automotive IPO By Early 2024
Just a few days after it secured $300 million in fresh funding led by a sovereign fund, Ola Electric, India’s largest electric vehicle company, is said to be in talks with financial and legal institutions to go for the much-awaited initial public offerings (IPOs) slated to be in early 2024.
According to sources, the company is in talks with Kotak, Goldman Sachs, Citibank, and others as banking partners for the IPO. It has hired law firms Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas as legal advisors.
Currently, founder and promoter Bhavish Aggarwal has a 40 per cent stake in Ola Electric which is expected to be diluted by 2 per cent after the fresh raising of funds from the sovereign fund.