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Ola selects banks for IPO, may seek valuation of over $8 billion: Report

Ola plans to raise more than $1 billion through the IPO and is expected to submit draft documents for the offer in October

August 30, 2021 / 03:16 PM IST
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. (Image: Shutterstock)

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. (Image: Shutterstock)

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.

Also read: How you can buy shares of Paytm, Ola and Flipkart from the unlisted market

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.

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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.
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Tags: #Ola
first published: Aug 30, 2021 03:16 pm
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