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19 Nov 2024
Ola Electric, which is preparing for its IPO, is expected to be valued at around $4.5 billion, which is 16-20% lower than its last funding valuation of $5.4 billion in September led by Singapore's Temasek.
A Reuters report indicates this reduction reflects a broader recalibration of tech stock valuations globally. While founder Bhavish Aggarwal had aimed for a $6 billion valuation, the source suggests the IPO valuation is unlikely to reach that target.
Another source mentioned the lower valuation aims to price the IPO attractively, allowing investors to create wealth. Founded in 2017, Ola Electric leads the e-scooter market with a 46% share, competing with TVS Motor, Bajaj Auto, and Ather Energy.
The Securities and Exchange Board of India (SEBI) has approved Ola Electric’s Rs 7,250 crore IPO, which includes a fresh issue of Rs 5,500 crore and an offer for sale of Rs 1,750 crore. The company is expected to list on Indian stock exchanges in the first week of August.
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