Ola Cabs eyes $500 million IPO, targets $5 billion valuation: Report
Ola Cabs aims to raise $500 million through its initial public offering (IPO), at a valuation of approximately $5 billion.
In Short
- Ola Cabs plans to raise $500 million via IPO
- IPO papers to be submitted to SEBI within three months
- Ola in talks with Goldman Sachs, Bank of America, Citi, Kotak and Axis
Ola Cabs is looking to raise $500 million through its initial public offering (IPO), at a valuation of around $5 billion, reported news agency Reuters on Friday.
Ola, often seen as India's alternative to Uber, intends to submit its IPO papers for approval to the Securities and Exchange Board of India (Sebi) within the next three months, as per the sources mentioned in the report.
According to two of the sources quoted in the report, the company is currently engaged in discussions with investment banks such as Goldman Sachs, Bank of America, Citi, and India's Kotak and Axis. It plans to finalise IPO advisors within a month's time.
However, there has been no official communication from Ola or the banks the ride-hailing company is reported to be in talks with.