Putting its IPO plans into full throttle, electric vehicle (EV) juggernaut Ola Electric has converted into a public company.
The startup, as per previous reports, is looking at a public listing in 2024 and will now file its draft red herring prospectus (DRHP) with the market regulator, SEBI.
As per filings accessed by Inc42, the parent company’s name has now been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited.
“Ola Electric Mobility Private Limited… upon an intimation made for conversion into a public company under Section 18 of the Companies Act, 2013; and approval of the central government signified in writing… the name of the said company is this day changed to Ola Electric Mobility Limited,” regulatory filings noted.
For the uninitiated, the conversion to a public company is the first step for listing on the bourses. Thereafter, the company files a DRHP with the market regulator, outlining the amount it will be raising, the usage of funds and the company’s financial health.
This comes close on the heels of the EV startup closing a mammoth INR 3,200 Cr funding round led by Temasek.
Interestingly, the startup was said to be initially eyeing a listing before the general elections next year but has since accelerated its IPO plans. As per reports, the startup plans to raise $700 Mn via its public listing on the bourses.
It has already appointed Kotak, ICICI, Bank of America and Goldman Sachs as advisers for the much-awaited listing and is looking to target a market capitalisation of $10 Bn through its IPO.
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