SoftBank-backed Indian Uber rival Ola tables plans for $1bn IPO
Indian Uber rival Ola is reportedly sitting on plans to raise up to $1bn through an initial public offering (IPO), joining a long line of high-ranking floats in the country.
Currently finalising banks to advise on the fund-raise, Softbank-backed Ola is in talks with Bank of America and JP Morgan, three people familiar with the matter told Reuters.
Citigroup, Morgan Stanley and Indian private sector bank Kotak Mahindra will also assist with the listing, two people sources said.
City A.M. has contacted Ola, Bank of America, Morgan Stanley and Kotak Mahindra.
JP Morgan and Citigroup both declined to comment.
Ola, just 11 years old, has swallowed a majority share of India’s ride-hailing market – giving the US’ Uber a run for its money.
The listing is set to join a growing train of successful tech IPOs in the region, following the likes of Ant Group-backed food delivery service Zomato and payments firm Paytm.