Ola Electric and FirstCry, both bolstered by SoftBank's support, are gearing up to file their draft IPO (Initial Public Offering) papers by the upcoming week, as reported by sources on Tuesday.
Moneycontrol revealed that FirstCry aims to raise $500 million, with a significant 60% allocated to the offer for sale (OFS) segment and the remainder earmarked for the primary segment.
Although FirstCry is expected to commence listing post the 2024 general elections, Ola Electric has already initiated roadshows involving domestic and international investors.
Ahead of the IPO launch, SoftBank adjusted the valuations of these firms and a few others in its portfolio, indicating its confidence in their prospects, as highlighted in the report.
Ola Electric's ambitions revolve around securing approximately Rs 5,800 crore through its IPO. Reports suggest the company seeks a valuation exceeding $7 billion by early 2024.
The IPO is anticipated to fuel Ola Electric's expansion in the EV domain and facilitate the establishment of a lithium-ion cell manufacturing facility. Commencing sales in December 2021, the company has already surpassed 353,000 units sold to date, indicating a promising trajectory in the market.
(With Agency Inputs)
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