Ola Electric vehicle registrations decline by 33 pc in November
After a blockbuster sales figure in October due to the festive season, Ola Electric vehicle registrations dropped by 33 per cent in November.
Homegrown electric two-wheeler company Ola Electric and e-commerce firm FirstCry, both backed by SoftBank, are set to file their draft IPO (Initial Public Offering) papers by next week, a media report said on Tuesday.
According to Moneycontrol, citing sources, FirstCry is aiming to raise $500 million, with 60 per cent of it going towards the offer for sale (OFS) component and the remainder going into the primary segment.
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While FirstCry is likely to list only after the 2024 general elections, Ola Electric’s management has already begun roadshows with both domestic and international investors.
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Prior to the IPO, SoftBank had even raised the valuations of both firms as well as a few others in its portfolio, signalling its optimism about both firms, the report mentioned.
Ola Electric aims to raise nearly Rs 5,800 crore through the IPO.
According to media reports, the company is looking to list at a valuation of more than $7 billion by early 2024.
Through the IPO, Ola Electric plans to expand its EV business and establish a lithium-ion cell manufacturing facility, the reports said. The company started sales in December 2021 and has sold over 353,000 units to date.
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