Ola Selects Banks For IPO, May Seek Valuation Of Over $8 Billion
- ByAyushi Ray | August 30, 2021
Ola selects banks for IPO, may seek valuation of over $8 billion. The banks include Citigroup, Kotak Mahindra Bank and Morgan Stanley. Ola has planned to raise more than $1 billion through the IPO, Bloomberg has reported. The startup may seek a valuation of more than $8 billion in the IPO and could submit a filing as soon as October, the report added. In May, Moneycontrol had reported that Ola’s early investor Matrix Partners India was selling a part of its stake for $75 million cash at a valuation of $3-3.5 billion.
Several Indian startups have made their stock market debuts in 2021, and many more are working towards it. Fintech startup Paytm had in July filed the draft red herring prospectus (DRHP) for what is likely to be the largest IPO in Indian history. Nykaa, Policybazaar and Freshworks have also filed the draft documents for their IPOs. Ola , who has launched their first electric scooter, will also follow the same footsteps.
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