Ola seeking to increase as much as USD 1.5 bn by way of IPO: Sources

Ride-hailing main Ola is elevating USD 1-1.5 billion (Rs 7,324-10,985 crore) by way of an preliminary public providing (IPO) and is anticipated to file the DRHP (Draft Red Herring Prospectus) within the December quarter, in line with sources.
Ola is working with choose banks, together with Citigroup Inc and Kotak Mahindra Bank Ltd, to handle the general public providing, two folks near the event mentioned.
One of the individuals mentioned the main points of the providing by ANI Technologies (which runs Ola), together with dimension and timeline, may nonetheless change provided that deliberations are nonetheless ongoing.
E-mails despatched to Ola didn’t elicit a response.
Recently, Ola co-founder Bhavish Aggarwal had mentioned the corporate — which competes towards US-based Uber — is planning a public providing someday subsequent yr, however has not but set a date.
Ola had beforehand talked of a potential itemizing as effectively. An IPO will assist Ola buyers like DelicateBank, Tiger Global and Steadview Capital to exit or partially promote their stake within the firm to return funds to their shareholders.
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola provides companies in India, Australia, New Zealand, and the UK. It is estimated to have raised over USD 4 billion in funding to date.
In July, Ola had introduced an funding of USD 500 million (about Rs 3,733 crore) from Temasek, Warburg Pincus affiliate Plum Wood Investment and Bhavish Aggarwal.

At that point, Aggarwal had mentioned the corporate has made its ride-hailing enterprise “more robust, resilient and efficient” over the past 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 mentioned.
In the identical month, Ola had additionally introduced the growth of its worker inventory choices (ESOP) pool to Rs 3,000 crore and allocation of a further Rs 400 crore price of shares to staff.
Plenty of internet-led companies within the nation are gearing as much as launch their IPOs, together with Nykaa, Paytm, PolicyBazaar and Droom.
Last month, Zomato made a stellar debut on Dalal Street with its shares zooming almost 53 per cent towards the problem value of Rs 76, and its market valuation crossing the Rs 1-lakh-crore mark. Recently, CarTrade additionally made its debut on the inventory market.