Ola Cabs IPO coming soon! Bhavish Aggarwal's company in talks with banks for initial public offering advisors: Report

As stated by sources successful the report, Ola plans to taxable its IPO papers for support to the Securities and Exchange Board of India (SEBI) wrong the adjacent 3 months.

SoftBank-backed Ola is presently successful talks with concern banks including Goldman Sachs, Bank of America, Citi, Kotak, and Axis. It aims to reason the enactment of IPO advisors wrong 1 month, the study stated.

Ola's 2nd archetypal nationalist offering (IPO) endeavour
 

This marks Ola's 2nd effort astatine going public, pursuing a failed effort successful 2021 to rise $1 billion.

In 2021, Ola was valued astatine $7 cardinal during a fundraising round. However, its investors person since reduced its valuation successful interior assessments. Vanguard, a shareholder of Ola, decreased its interior valuation of the institution to $1.9 cardinal successful February, arsenic per a Reuters study citing a filing.

Ola Electric IPO

On December 22, 2023, Ola Electric submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The projected offering comprises a caller merchandise of equity shares amounting to ₹5,500 crore and an connection for merchantability (OFS) of 95,191,195 equity shares astatine a look worth of ₹10. As per the archetypal draught papers filed with SEBI, Bhavish Aggarwal, the laminitis of Ola Electric, intends to merchantability astir 47.4 cardinal shares successful the SoftBank Group-backed electrical scooter manufacturer, arsenic reported by Mint.

Meanwhile, successful different news, Ola Cabs is closing its planetary operations to absorption connected expanding its electrical fleet successful India. It has already stopped operations successful New Zealand, Australia, and the United Kingdom (UK).

Ola Cabs

Ola was established by Bhavish Aggarwal, a notable fig successful India's startup scene. Ola Cabs, the platform, is important successful shaping a amended proscription system. Moving ahead, Ola aims to heighten question experiences with caller features and broader services. The nonsubjective is to go the preferred mobility provider, catering to each question needs and simplifying proscription arsenic a seamless portion of mundane life.

-With inputs from Reuters

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Published: 20 Apr 2024, 07:26 AM IST