Ola aims to do regulatory filing for its US$ 700 million Initial Public Offering before October end, as it looks to expedite its listing, Reuters reported citing three persons in the know.
The ride sharing company that counts Temasek and Softbank among other investors, was valued at US$ 5.4 billion in the latest fund raise, the newswire reported.
In an email to its bankers and lawyers on Sunday, an Ola Electric executive asked external advisers on the listing - including the investment banking units of India's Kotak and ICICI, as well as foreign banks including Bank of America (BAC.N) and Goldman Sachs - to give "utmost priority" to meet a five-week deadline, sources told Reuters.
Ola Electric and Kotak did not respond to a request for comment while the other three banks refrained from commenting. The sources chose to remain anonymous since the communication is internal, Reuters said.
Once the papers are filed, they will be reviewed by the market regulator which can send queries, indicating that a listing is still some months away, the newswire reported.
Ola Electric reported an operating loss of US$ 136 million, on revenues of US$ 335 million in the fiscal year ending March 2023, Reuters reported.