Ola Electric, one of the fastest-growing electric two-wheeler companies in India, is looking to expand its business globally. To achieve this, the company is considering an initial public offering (IPO) as a way to penetrate the international market.

There have been rumors about Ola Electric going public, with reports suggesting that the company aimed to have its first IPO before the end of 2023. However, recently revealed insider information indicates that the company is closer to making this a reality. Ola Electric executives are reportedly urging bankers to prioritize their timeline for the IPO.

According to a recent report by Reuters, insiders from Ola Electric revealed the company’s aspirations for an IPO. The project, known as “Project Himalaya,” is backed by significant investors, including Temasek Holdings from Singapore and SoftBank from Japan. Ola Electric is estimated to be valued at $5.4 billion, with $700 million expected to be raised through its first public offering.

The report emphasizes an email sent by Ola Electric to its bankers and lawyers, requesting that the IPO timeline be given “utmost importance.” Sources mentioned that the company is working on a five-week deadline and has advised its legal and financial advisers not to plan extended leaves to ensure their availability. This aggressive approach reflects Ola Electric’s urgency to achieve the IPO.

Once Ola Electric files its IPO papers, they will undergo a review and approval process by India’s market regulator. During this process, the regulator may request additional information and raise inquiries, which could further delay the listing. Therefore, Ola Electric cannot guarantee a specific timeline, but it hopes to conduct IPO roadshows as early as January or February 2024.