Bhavish Aggarwal’s Ola is set to submit preliminary documents for a stock sale within the next fortnight, according to sources familiar with the development told Mint.  

The report cited quoting its sources that the company is planning to submit its initial public offering (IPO) paperwork, known as the draft red herring prospectus (DRHP), before December 20. This deadline is crucial to ensure the IPO takes place before the year-end holidays, especially with an eye on the upcoming general elections next year. However, the company declined to comment on the development, the report added. 

This move precedes the electric two-wheeler manufacturer's intention to make its stock market debut early next year. Simultaneously, the company is pursuing an assertive retail strategy, involving discounted product launches and reduced prices for existing offerings, as part of efforts to strengthen its market standing in anticipation of going public. 

As per the reports, the company has reconstituted its board. Several new independent directors are being included on the board, including former Airtel CEO Manoj Kohli, Mensa Brands founder Ananth Narayan, and YourStory co-founder Shraddha Sharma. 
 
In October, the electric vehicle company was valued at around $5.4-5.5 billion when it secured $384.43 million in funding. This funding included approximately $240 million in debt from investors like Temasek and the State Bank of India.

The company is considering launching an IPO in March before the Lok Sabha elections next year. According to a report from ET, sources mentioned that Ola Electric is aiming for a valuation of $7 to $8 billion in the IPO.