Backed by SoftBank and Temasek, Ola had submitted its papers to India's Securities and Exchange Board last December to seek approval for this IPO, aimed at expanding its operations.
The company now aims to list its shares by mid-July. Over the coming days, Ola will engage with investors to gauge demand for its offering, stated both sources.
Ola and SEBI did not respond to requests for comment.
Earlier this year, the company met with global investors in roadshows, but will now "re-discuss terms and explain the business," noted the second source.
Ola is the leading e-scooter maker in a rapidly growing yet relatively small market in India. It competes with TVS Motor, Bajaj Auto, and Ather Energy. Last valued at USD 5.4 billion in September 2023, Ola continues to lead in this sector.
At present, USD 1 is equivalent to 83.5709 Indian rupees.
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