Bhavish Aggarwal on Ola Electric IPO launch: 'Still a bunch of steps to go through...''

Ola chief executive officer Bhavish Aggarwal said the company wants public investors to be part of Ola Electric’s journey, but a concrete date for the unit’s initial public offering (IPO) can’t be provided yet as there is a Securities and Exchange Board of India’s (Sebi) process to follow.

“Sebi’s observation came in two weeks ago. There is still a bunch of steps to go through in the next few weeks and as we go through them, we are keen to get on to the market… but a firm date can’t be given because there is a Sebi process to follow,” Aggarwal said in a podcast with news agency ANI.

Ola Electric had filed its draft red herring prospectus (DRHP) with the markets regulator on December 22. Moneycontrol, on June 11, had reported that the electric vehicle maker had received Sebi's clearance for its IPO. The company is looking to raise Rs 7,250 crore through the IPO.