India's Ola Electric To Meet Investors To Potentially Raise $600M In IPO Proceedings

The first of several meetings for India's Ola Electric's up to $1 billion IPO will take place next week, according to two sources with direct knowledge, with investors in Singapore and the United States.

The sources claimed that Ola, a company that manufactures electric scooters and is supported by investors like SoftBank and Temasek, has plans to raise between $600 million and $1 billion in its first public offering (IPO), which is scheduled for late 2023.

Since the IPO is still some time away, Ola is starting investor meetings earlier than usual to outline the business possibilities of India's developing EV sector.

Singapore, United States and United Kingdom over the next two weeks, said the two sources, who declined to be named as the plans are confidential.

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.

"EVs are still an emerging space and while there are some global parallels, it is an even newer story in India. So Bhavish wants to take the extra time to create comfort for investors," said the first source.