MC Tech3 | Incoming: FirstCry and Ola Electric IPO filing; Another operator-turned-founder raises funding; and more

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In today’s newsletter:?

• Incoming: FirstCry and Ola Electric IPO filing
• Another operator-turned-founder raises funding
• Unicorns are like adolescent companies: Peak XV’s Shailendra Singh?

Incoming: FirstCry and Ola Electric IPO filing

The public market is going to get super busy in just a few days as prominent startups FirstCry and Ola Electric prepare to submit their draft IPO papers by the end of next week.

Tell me more: 2023 has been a great year for IPO markets, with several companies joining the bandwagon after a muted phase.

• FirstCry is looking to raise $500 million, with 60% of that allocated to the offer for sale (OFS) component, while the remaining will constitute the primary part.

• Ola Electric's IPO will consist of a combination of primary and secondary share offerings, with the firm aiming to raise around $700 million.

While FirstCry is likely to list only after the general election in 2024, Ola Electric's management has already begun roadshows with domestic and international investors.?

Why does it matter: There's a lot of investor anticipation swirling around the upcoming IPOs of these two firms. FirstCry will be the first major e-commerce player to list since Nykaa's debut in 2021, while Ola Electric marks the first IPO by an Indian automaker in over two decades, following Maruti Suzuki in 2003.

• SoftBank's November valuation increase for both firms, alongside a few others in its portfolio, signalled the investor's optimism ahead of their IPOs.

For Ola Electric, the IPO represents a significant push. The company has stated that the raised funds will be used to fuel its EV business expansion and establish India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

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