Ola Gearing For A Big-Bang IPO Early Next Year; May Raise $1.5-2 Billion At $12-14 Billion Valuation

Following the footsteps of Deepinder Goyal led Zomato, Bhavish Agarwal led home-grown ride-hailing major Ola is now also aiming to list on the bourses in Mumbai early next year, reports Economic Times.

Ola is aiming to raise at least $1.5-2 billion at valuations of $12-14 billion. As much as half of this sum raised will likely be through fresh issuance of shares, while the rest will be through an offer for sale (OFS) from the existing investors.

Some of the company's noted investors include the likes of Tiger Global, Tencent, Warburg Pincus, Temasek Holdings and Masayoshi Son led Softbank among several more.

The company is said to be engaging with investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup and JP Morgan on filing preliminary documents with the market regulator in the next two months.

Of these, Warburg Pincus and Temasek Holdings along with two others had invested $500 million in Ola in a pre-IPO round just last month.