Ride-hailing giant Ola Cabs plans to raise $500 million through its upcoming initial public offering (IPO), aiming for a valuation of around $5 billion, as reported by Reuters on Friday.
Sources mentioned in the report indicate that Ola intends to file its IPO papers with the Securities and Exchange Board of India (SEBI) within the next three months.
Presently, Ola is in discussions with several investment banks, including Goldman Sachs, Bank of America, Citi, Kotak, and Axis, to finalize the selection of IPO advisors within a month, as stated in the report.
This marks Ola’s second attempt to go public, following an unsuccessful endeavor in 2021 to raise $1 billion.
In a related development, Ola Electric, a sister concern, filed its Draft Red Herring Prospectus (DRHP) with SEBI on December 22, 2023, proposing to raise funds through a combination of fresh equity shares and an offer for sale (OFS).
Additionally, Ola Cabs has announced the cessation of its international operations, redirecting its focus towards expanding its electric fleet within India. Operations have already ceased in New Zealand, Australia, and the United Kingdom (UK).
Ola, founded by Bhavish Aggarwal, is a key player in India’s startup landscape, striving to revolutionize transportation by offering seamless mobility solutions.
