FILE PHOTO: Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo
NEW DELHI (Reuters) -SoftBank-backed Indian e-scooter maker Ola Electric is likely to value the company at around $4.5 billion for its upcoming initial public offering (IPO), around 16-20% lower than at its last funding round, two sources with direct knowledge of the matter said.
Ola Electric did not immediately respond to a request for comment.
The Indian markets regulator in June approved Ola's $660 million stock market listing, the first IPO by an EV-maker in India and which is set to be one of country's largest share sales this year.
Ola Electric's last funding round in September, led by Singapore's investment firm Temasek, valued the company at $5.4 billion, but one of the sources said that would drop this time, pointing to a "recalibration" in the valuation of tech stocks globally.
The final valuation could still change, but is unlikely to come anywhere close to the at least $6 billion that Ola Electric's founder Bhavish Aggarwal previously hoped could be achieved for the IPO, the source added.
(Editing by Kirsten Donovan)
