<p>India's Ola Electric plans to file regulatory papers for its up to $700 million IPO before the end of October as the e-scooter maker fast-tracks its listing move, three people with direct knowledge said.</p>.<p>Backed by investors including Singapore's Temasek and Japan's SoftBank, Ola Electric was valued at $5.4 billion in a recent fund raising.</p>.<p>In an email to its bankers and lawyers on Sunday, an Ola Electric executive asked external advisers on the IPO - including the investment banking units of India's Kotak and ICICI, as well as foreign banks including Bank of America and Goldman Sachs - to give "utmost priority" to meet a five-week deadline, said the sources.</p>.France's Total to invest $300 million in JV with Adani Group.<p>Ola Electric and Kotak did not respond to a request for comment while the other three banks declined to comment. The sources did not wish to be identified as the communication is internal.</p>.<p>Ola's IPO project is internally codenamed "Project Himalaya", and the memo came with a request to bankers and lawyers: do not plan any "long leaves to ensure availability", said the sources.</p>.<p>IPO-bound Indian companies typically do not instruct senior bankers and lawyers to not take leaves, they said.</p>.<p>Once the IPO papers are filed, they will be reviewed by India's markets regulator who can also send queries, indicating any possible listing is still some months away.</p>.<p>Ola Electric is targeting IPO roadshows for early January or February, said one of the sources.</p>.<p>The company, India's market leader in e-scooters with a 30% share, was founded by Bhavish Aggarwal and has seen its popularity surge as the country promotes use of electric cars and scooters.</p>.<p>He has said his affordable e-scooters, which start retailing at $1,080, are for the masses, and in an interview this year said "Tesla is for the West, Ola is for the rest."</p>.<p>Ola Electric, though, still makes losses. It recorded an operating loss of $136 million on revenue of $335 million in the fiscal year ending March 2023, Reuters has reported. </p>
<p>India's Ola Electric plans to file regulatory papers for its up to $700 million IPO before the end of October as the e-scooter maker fast-tracks its listing move, three people with direct knowledge said.</p>.<p>Backed by investors including Singapore's Temasek and Japan's SoftBank, Ola Electric was valued at $5.4 billion in a recent fund raising.</p>.<p>In an email to its bankers and lawyers on Sunday, an Ola Electric executive asked external advisers on the IPO - including the investment banking units of India's Kotak and ICICI, as well as foreign banks including Bank of America and Goldman Sachs - to give "utmost priority" to meet a five-week deadline, said the sources.</p>.France's Total to invest $300 million in JV with Adani Group.<p>Ola Electric and Kotak did not respond to a request for comment while the other three banks declined to comment. The sources did not wish to be identified as the communication is internal.</p>.<p>Ola's IPO project is internally codenamed "Project Himalaya", and the memo came with a request to bankers and lawyers: do not plan any "long leaves to ensure availability", said the sources.</p>.<p>IPO-bound Indian companies typically do not instruct senior bankers and lawyers to not take leaves, they said.</p>.<p>Once the IPO papers are filed, they will be reviewed by India's markets regulator who can also send queries, indicating any possible listing is still some months away.</p>.<p>Ola Electric is targeting IPO roadshows for early January or February, said one of the sources.</p>.<p>The company, India's market leader in e-scooters with a 30% share, was founded by Bhavish Aggarwal and has seen its popularity surge as the country promotes use of electric cars and scooters.</p>.<p>He has said his affordable e-scooters, which start retailing at $1,080, are for the masses, and in an interview this year said "Tesla is for the West, Ola is for the rest."</p>.<p>Ola Electric, though, still makes losses. It recorded an operating loss of $136 million on revenue of $335 million in the fiscal year ending March 2023, Reuters has reported. </p>