Electric vehicle company Ola Electric is gearing up to bring an Initial Public Offering (IPO) to the stock market soon. The company has expedited preparations for this move. As part of its IPO plans, Ola Electric has made a significant change – it has transformed from a private limited company to a public limited company.
Change in Company Name Ola Electric shared this information with the stock markets, announcing the shift from a private limited to a public limited company. Additionally, the company has made another major change – it has officially changed its name. Previously known as Ola Electric Mobility Private Limited, the company’s name has now been altered to Ola Electric Mobility Limited.
Top Position for Ola Electric Ola started as a ride-hailing app company. However, the company’s identity has undergone substantial changes. Ola Electric, its subsidiary, is now considered a leader among domestic EV companies. Currently, Ola Electric dominates the market share for electric scooters in India.
Preparations by the Company According to reports, Ola Electric may file the draft prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for its proposed IPO later this month. The company is currently working on the draft and is in the process of forming a newly constituted board. Several new independent directors are expected to join the board, including former Airtel CEO Manoj Kohli, Men’s Brands founder Anant Narayan, and YourStory co-founder Shradha Sharma.
IPO Target by March 2024 Regarding the IPO dates, it is suggested that the IPO could be launched in the next quarter, possibly March. The company aims to complete the IPO before the upcoming Lok Sabha elections. According to sources, Ola Electric is striving for a valuation of $7 to $8 billion in the IPO, which is expected to be launched next year.