Ola chooses banks including Citi, Kotak Mahindra for $1 billion IPO

CIOReviewIndia Team | Monday, 30 August 2021, 11:10 IST

Ola chooses banks including Citi, Kotak Mahindra for $1 billion IPORide-hailing startup Ola has selected banks including Citigroup Inc. and Kotak Mahindra Bank Ltd. to manage its Mumbai initial public offering that could raise about $1 billion, according to people familiar with the matter.

The company, backed by SoftBank Group Corp. and Tiger Global Management, has also picked Morgan Stanley for the listing, said the people, who asked not to be named as the information is private. The Bangalore-based startup could seek a valuation of more than $8 billion in the IPO and could lodge a filing as soon as October, one of the people said.

Details of Ola’s IPO including size and timeline could still change as deliberations are ongoing, the people said. More banks could be added later, they said. A representative for Citi declined to comment.

Ola currently partners with about 1.5 million drivers across 250 cities in India, Australia, New Zealand and the U.K. Uber Technologies Inc.’s rival in July raised $500 million from investors including Temasek Holdings Pte and an affiliate of Warburg Pincus.