Ahead of IPO Ola Electric Converts To a Public Company The name of the firm has been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited, the regulatory filings showed
By S Shanthi
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Bhavish Aggarwal-led Ola Electric has converted to a public company ahead of an initial public offering (IPO). According to filings with the Registrar of Companies, Bengaluru, on Friday, the company converted to Ola Electric Mobility Limited. "The name of the firm has been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited," the regulatory filings showed.
The conversion of a private limited company into a public company is a mandatory step for a company that wants to list on the stock exchange. Post this, the company will file a DRHP with SEBI, the market regulator. According to various news reports, the IPO may be in the range of $800 million to $1 billion.
The electric vehicle manufacturer raised INR 3,200 crore in a funding round mix of equity and debt from Temasek-led marquee investors and State Bank of India (SBI) recently. The company had said during that time that the funds would be utilized towards expansion of Ola's EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Ola Electric, the pure-play EV manufacturing vertical of ride-hailing giant Ola, is backed by Japan's Softbank and is one of the leading e-scooter companies in India. Despite many controversies, Ola Electric's escooter registrations jumped 18.6% MoM to 22,169 units in October, according to Vahan. Ola Electric competes with TVS Motor, Ather Energy, Bajaj Auto, Hero MotoCorp and Lectrix EV.
In December last year, Aggarwal said that 2023 and 2024 would witness the launch of more two-wheeler EV products, including a mass-market scooter, a mass-market motorcycle, and multiple premium motorcycles in sports, cruisers, adventure, and road bike categories.
