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, 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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.