By M. Sriram MUMBAI (Reuters) - India's Ola Electric plans to file regulatory papers for its up to $700 million IPO before the end of October as the ...
By M. Sriram MUMBAI - 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, threeSaltWire's Atlantic regional weather forecast for September 20, 2023 | SaltWireMUMBAI - 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.
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.
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. 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.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.
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