Bangalore-based start-up Ola is preparing for an IPO in the first half of FY2021 – 2022. The company has already selected banks to manage its IPO to raise up to $1 billion. The selected banks include Kotak Mahindra Bank and Citigroup Inc.
With this decision, Ola will be joining a strong channel of Indian start-ups that are all ready to join the primary market in the coming months.
Dive deeper into this blog to find out more!
As per reports, Ola has been preparing for an IPO since this financial year’s beginning. The company has also raised a substantial amount from Temasek and Warburg Pincus through a pre-IPO round.
An anonymous source said that Ola has targeted for public listing by this fiscal year’s end. However, its plans can get delayed by a few months.
Moreover, Ola has also chosen Morgan Stanley for this listing, as per anonymous reports. The Bangalore-based cab aggregator could be looking at a valuation of $8 billion in the IPO.
However, this IPO’s timeline and size details are still in deliberation and could change with time. According to reports, more banks could be added later.
Founded in 2010, Ola is an online ride-hailing platform connecting drivers with passengers across India. The company features a partnership with around 1.5 million drivers across 250 cities in India as well as abroad.
Along with its operations in India, Ola has also witnessed substantial growth in Australia, UK, and New Zealand.
Still wondering whether you should consider investing in the Ola IPO?
Read a few strengths and weaknesses of the company for a better understanding:
The mobility sector is still recovering amid the ongoing worldwide economic crisis. The cab-hailing industry is further forecasted to recover fully in the coming 4-5 months. Hence, the company’s top management believes that 2022 would be the best year for Oyo to bring forth its IPO.
For more such updates on India’s IPO market, keep an eye on the Angel One Blogs!
Ola received a $500 million investment in a pre-IPO round.
Ola’s parent company is ANI Technologies Pvt. Ltd.
Ola’s valuation, as of March 2021, is over $3.3 billion.
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