SFTBY - Softbank Temasek backed Ola Electric to file IPO papers by end of October - Reuters

2023-09-22 09:59:16 ET

E-scooter maker Ola Electric fast-tracked its listing move as it aims to file regulatory papers for its near $700 million IPO before the end of October, Reuters reported on Sept. 20 , citing three people with direct knowledge.

Ola Electric, which holds a 30% share in India's e-scooter market, was recently valued at $5.4 billion, and is backed by investors such as Singapore's Temasek and Japan's Softbank ( OTCPK:SFTBY ).

Noting an email exchange, Reuters reported that an Ola Electric executive asked its external advisors on the IPO - which included Bank of America ( BAC ) and Goldman Sachs, as well as investment banking units of India's Kotak and ICICI - to give "utmost priority" to meet a five-week deadline.

Once Ola Electric files its IPO papers, it would be the Indian markets regulator's turn, The Securities and Exchange Board of India (SEBI), to review and send queries, meaning that any potential listing was still months away.

Ola Electric was targeting an IPO roadshow for early January or February.

Reuters reported that Ola Electric posted an operating loss of $136 million on revenue of $335 million in the fiscal year ending March 2023.

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