New Delhi: Ola IPO is likely to hit share market soon as the ridesharing major is aiming to raise USD 1-1.5 billion (Rs 7,324-10,985 crore) through the initial public offering. The company is expected to file the Draft Red Herring Prospectus (DRHP) in the December quarter, as per a PTI report.
Ola IPO Date – Check Details
- Ola is working with select banks, including Citigroup Inc and Kotak Mahindra Bank Ltd, to manage the public offering, two people close to the development were quoted as saying by PTI.
- One of the persons said the details of the offering by ANI Technologies (which runs Ola), including size and timeline, could still change given that deliberations are still ongoing, PTI reported.
- E-mails sent to Ola did not elicit a response, according to PTI.
- Earlier, Ola co-founder Bhavish Aggarwal had said the company — which competes against US-based Uber — is planning a public offering sometime next year, but has not yet set a date, as per a PTI report.
- Ola had previously talked of a possible listing as well. An IPO will help Ola investors like SoftBank, Tiger Global and Steadview Capital to exit or partially sell their stake in the company to return funds to their shareholders, PTI reported.
- Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola offers services in India, Australia, New Zealand, and the UK. It is estimated to have raised over USD 4 billion in funding so far, as per PTI.
- In July, Ola had announced an investment of USD 500 million (about Rs 3,733 crore) from Temasek, Warburg Pincus affiliate Plum Wood Investment and Bhavish Aggarwal.
- At that time, Aggarwal had said the company has made its ride-hailing business “more robust, resilient and efficient” over the last 12 months.
- “With strong recovery post lockdown and a shift in consumer preference away from public transportation, we are well-positioned to capitalise on the various urban mobility needs of our customers,” he had said.
- In the same month, Ola had also announced the expansion of its employee stock options (ESOP) pool to Rs 3,000 crore and allocation of an additional Rs 400 crore worth of stocks to employees.
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