MUMBAI, Sept 20 (Reuters) – India’s Ola Electric plans to file regulatory papers for its as much as $700 million IPO earlier than the top of October because the e-scooter maker fast-tracks its itemizing transfer, three folks with direct information mentioned.

Backed by traders together with Singapore’s Temasek and Japan’s TenderBank (9984.T), Ola Electric was valued at $5.4 billion in a recent fund raising.

In an electronic mail to its bankers and attorneys on Sunday, an Ola Electric government requested exterior advisers on the IPO – together with the funding banking models of India’s Kotak and ICICI, in addition to overseas banks together with Bank of America (BAC.N) and Goldman Sachs – to offer “utmost priority” to fulfill a five-week deadline, mentioned the sources.

Ola Electric and Kotak didn’t reply to a request for remark whereas the opposite three banks declined to remark. The sources didn’t want to be recognized because the communication is inside.

Ola’s IPO mission is internally codenamed “Project Himalaya”, and the memo got here with a request to bankers and attorneys: don’t plan any “long leaves to ensure availability”, mentioned the sources.

IPO-bound Indian firms usually don’t instruct senior bankers and attorneys to not take leaves, they mentioned.

Once the IPO papers are filed, they are going to be reviewed by India’s markets regulator who may also ship queries, indicating any potential itemizing remains to be some months away.

Ola Electric is concentrating on IPO roadshows for early January or February, mentioned one of many sources.

The firm, India’s market chief in e-scooters with a 30% share, was based by Bhavish Aggarwal and has seen its recognition surge because the nation promotes use of electrical automobiles and scooters.

He has mentioned his reasonably priced e-scooters, which begin retailing at $1,080, are for the plenty, and in an interview this yr mentioned “Tesla is for the West, Ola is for the rest.”

Ola Electric, although, nonetheless makes losses. It recorded an working lack of $136 million on income of $335 million within the fiscal yr ending March 2023, Reuters has reported.

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