India's Ola Electric likely to set valuation at around $4.5b for IPO

India's Ola Electric likely to set valuation at around $4.5b for IPO

FILE PHOTO: Ola electric scooters are seen outside the Ola Electric Service Centre, in Thane on the outskirts of Mumbai, India, October 25, 2023. REUTERS/Francis Mascarenhas/File Photo

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.