New Delhi, Dec 11 (IANS): Homegrown electric two-wheeler manufacturer Ola Electric aims to raise nearly Rs 5,800 crore through an Initial Public Offering (IPO) and is set to file its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) by December 20, media reports said on Monday.

According to the reports, the company is looking to list at a valuation of more than $7 billion by early 2024.

Through the IPO, Ola Electric plans to expand its EV business and establish a lithium-ion cell manufacturing facility, the reports said.

The company started sales in December 2021 and has sold over 353,000 units to date.

Meanwhile, Bhavish Aggarwal-driven Ola Electric’s net loss nearly doubled to Rs 1,472 crore in FY23, from Rs 784.1 crore in the previous fiscal year, as expenses surged significantly.

The electric vehicle company reported an EBITDA loss of Rs 1,318 crore as its total expenses jumped to Rs 3,383 crore, in comparison to Rs 1,240 crore in FY22.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) is a measure of core corporate profitability. The company is now targeting an EBITDA profitability of Rs 803 crore in FY25. The company saw its losses growing nearly 293 per cent to Rs 784 crore in FY22.