Ola aims to raise Rs5,800 cr

New Delhi: Homegrown electric two-wheeler manufacturer Ola Electric aims to raise nearly Rs 5,800 crore through an Initial Public Offering (IPO) and is set to file its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) by December 20, media reports said on Monday. According to the 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.