Ola Electric likely to set valuation at around $4.5 billion for IPO

SoftBank-backed Indian e-scooter maker Ola Electric is likely to value the company at around $4.5 billion for its initial public offering (IPO), around 16%-20% lower than the valuation at its last funding round, two sources told Reuters.

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

Ola Electric is likely to list on Indian bourses in the first week of August, said the two sources, who have direct knowledge of the matter, but declined to be named as the discussions are private.