Ola Electric Eyes $4.5 Bn Valuation For IPO: Report

SoftBank-backed Indian e-scooter maker Ola Electric is likely to value the company at around USD 4.5 billion for its upcoming initial public offering (IPO), around 16-20 per cent lower than at its last funding round, Reuters reported quoting two sources with direct knowledge of the matter.

The Indian markets regulator in June approved Ola's USD 660 million stock market listing, the first IPO by an EV-maker in India and which is set to be one of the country's largest share sales this year.

Ola Electric's last funding round in September, led by Singapore's investment firm Temasek, valued the company at USD 5.4 billion, but one of the sources said that would drop this time, pointing to a ‘recalibration’ in the valuation of tech stocks globally.

The final valuation could still change, but is unlikely to come anywhere close to the at least USD 6 billion that Ola Electric's founder Bhavish Aggarwal previously hoped could be achieved for the IPO, the source added.