Ola Electric's ₹6,000 crore IPO: filings by October, roadshows by February

Electric two-wheeler company Ola Electric will file regulatory papers for an IPO in India before the end of October, and embark on roadshows to drum up investor interest in January or February next year, Reuters reports, citing three sources who it did not identify.

The agency quotes an email sent to bankers such as Kotak Mahindra, ICICI, Goldman Sachs and Bank of America, as well as lawyers, asking the recipients to give "utmost priority" to a five-week deadline set by the company and "ensure availability".

Ola Electric is estimated to seek about $700 million from the offering, or roughly just under Rs 6,000 crore through its listing, which sources say has been internally codenamed "Project Himalaya". The company is yet to turn profitable, but counts Singapore's Temasek and Japan's SoftBank among its investors and was valued at $5.4 billion during its latest funding round.

Ola Electric is a leader in e-two-wheelers in India with a 30 percent market share. Among leading players, the company's sales fell the least after the withdrawal of government subsidy in June.

Founder Bhavish Aggarwal has said he makes affordable vehicles for the masses, claiming in an interview earlier this year that "Tesla is for the West, Ola is for the rest".