Ride-hailing startup Ola has selected banks including Citigroup Inc. furthermore, Kotak Mahindra Bank Ltd. to deal with its Mumbai initial public offering that could raise about $1 billion, according to people familiar with the matter.
The organization, upheld by SoftBank Group Corp. furthermore, Tiger Global Management, has additionally picked Morgan Stanley for the listings, said individuals, 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 individual said.
The 11-year-old Ola would join a strong pipeline of Indian start-ups that are prepared to tap the IPO market in the coming months. Paytm, the country’s leader in digital payments, Flipkart, the Indian e-commerce giant controlled by Walmart Inc., and digital education startup Byju’s are likewise getting ready for their first-time share sales, Bloomberg News has revealed.
Details of Ola’s IPO including size and timetable could in any case change as deliberations are ongoing, individuals said. More banks could be added later, they said. A representative for Citi declined to comment, while representatives for Kotak Mahindra, Morgan Stanley, and Ola didn’t quickly react to requests for comment.