Ola Electric will hold talks next week with investors in Singapore and the United States on its planned stock market listing, the first of a series of meetings for its up to $-1 billion initial public offering (IPO), two sources with direct knowledge said.
The sources said Ola, which makes electric scooters and is backed by investors such as SoftBank and Temasek, is looking to raise between $600 million and $1 billion in its IPO, which is planned for late 2023.
With the IPO still some way off, Ola is embarking on investor meetings earlier than usual to explain the business potential of India’s nascent EV market.
Ola’s founder and CEO Bhavish Aggarwal will travel to Singapore, United States, and United Kingdom over the next two weeks, said the two sources, who declined to be named.
Aggarwal plans to meet investors, including BlackRock, Singapore’s sovereign wealth fund GIC, and mutual funds such as T Rowe Price, the first source said.
Ola Electric declined to comment. BlackRock, GIC and T Rowe Price did not respond to Reuters’ requests for comment. Ola Electric is likely to file regulatory papers on the IPO for approval by August, the sources said.