Ride-hailing firm Ola has picked banks, including Citigroup, Kotak Mahindra Bank and Morgan Stanley, to manage its initial public offering (IPO).
Ola plans 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.
Moneycontrol could not independently verify the story.
A representative for Citi declined to comment when contacted by Bloomberg, while representatives of Kotak Mahindra, Morgan Stanley and Ola were yet to respond to its queries.
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 had 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.