Ola’s Rs 7500 Crore IPO Gets Big Push: Citi Bank, Kotak Will Handle IPO Launch & More Details
Indian multinational ridesharing firm, Ola has selected banks such as Citigroup Inc. and Kotak Mahindra Bank Ltd. to manage its Mumbai initial public offering that could raise about $1 billion, according to the sources.
OLA IPO About To Launch
Originally the ride-hailing startup which is backed by SoftBank Group Corp. and Tiger Global Management, has also picked Morgan Stanley for the listing, said the sources on the condition of anonymity as the information is private.
Further sources informed that the Bangalore-based startup could seek a valuation of more than $8 billion in the IPO.
The company is planning to lodge a filing as soon as October, as per sources.
With the latest development, the 11-year-old company would be joining a strong pipeline of Indian startups.
Ola seems to be ready to tap the IPO market in the coming months.
Other IPO Hitting Indian Market
Apart from the country’s leader in digital payments, Paytm, the Indian e-commerce giant controlled by Walmart Inc. – Flipkart,, and digital education startup, Byju’s are also preparing for their first-time share sales.
Sources said that the details of Ola’s IPO including size and timeline could still change as deliberations are still ongoing.
There are chances that more banks could be added in the list later.
On this subject, so far the representatives for Citi, Morgan Stanley and Ola declined to comment.
On the other hand, a representative for Kotak Mahindra didn’t immediately respond to requests for comment.
As of date, Ola partners with almost 1.5 million drivers across 250 cities in India, Australia, New Zealand and the U.K.
Prior to this, Ola’s rival, Uber Technologies Inc. raised $500 million in July from investors including Temasek Holdings Pte and an affiliate of Warburg Pincus.