According to a source with direct knowledge of the situation who spoke to Reuters, Indian company Ola Electric plans to list on the stock market by the end of 2023 and has hired domestic bank Kotak and investment bank Goldman Sachs to oversee the share sale.

When Ola Electric raised its most money in 2022, it was valued at $5 billion. Ola Electric is a manufacturer of electric scooters and is supported by investors like SoftBank Group Corp and Tiger Global Management.

The source predicted that more investment banks will be added as the deal got closer. The IPO intentions were originally mentioned on the nearby business website Moneycontrol earlier in the day.

Bhavish Aggarwal, who also launched the ride-hailing company Ola and competes with Uber, founded Ola Electric in an effort to seize India’s budding but potential electric vehicle market.

It is the market leader in the EV scooter space and sold over 30,000 scooters in April, its biggest number to far, according to the source.

The EV scooter business would aim for a valuation more than $5 billion, the person added, though it has not yet decided how much it will raise in the IPO or what valuation it will seek.

This might be India’s largest IPO this year despite sluggish market circumstances if it sells 10% of the IPO at that price, which is the legal minimum required to list.

It will be “difficult,” the source acknowledged, to file its draught documents, advertise to investors, and list by the end of the year, but Chief Executive Aggarwal was certain about the deadline.

There were no comments on the topic available from Ola, Kotak and Goldman Sachs.

(Adapted from ThePrint.in)