Bhavish Aggarwal’s Ola Electric is gearing up to enter the public market early next year, planning to file its draft share sale documents within the next two weeks, according to a media report.

What to know? As noted in a report by Mint, aligning with its market entry plans, Ola Electric is actively pursuing a bold retail strategy. This includes launching new products at competitive prices and slashing the costs of existing offerings, aiming to strengthen its market foothold before the IPO.

The company intends to submit its draft red herring prospectus (DRHP) before December 20, aligning with the year-end holiday schedule of bankers and financial market professionals. This timing is crucial to ensure the IPO is set before the upcoming general elections.

See also: Rigid AI Rules May Hinder Tech Progress in India, Says Meta VP Evelyn Miller

The Bengaluru-based firm, valued at around $5.5 billion in its last funding round, is reportedly targeting a nearly $10 billion valuation to raise about $700 million in the public markets.

IPO-ready strategy: Ola Electric currently leads India's electric two-wheeler sector, holding a significant market share against competitors like TVS Motor Company, Bajaj Auto, and Hero MotoCorp. November data revealed Ola Electric dominated with a 32.6% market share.

However, the company is revising its sales forecasts downward, from an initial 2.5-5 million units to 900,000 by FY25. This strategic shift comes as it aims to improve profitability, with projections showing positive EBITDA margins by FY26.

Read next: Adani Ports Said To Be In Talks To Acquire Port From Shapoorji Pallonji, Shares Gain Over 25% this Week