Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

Softbank-backed ride-sharing company Ola readies for up to $1 billion India IPO -sources

2021 08 30T130948Z 2 LYNXMPEH7T0HI RTROPTP 4 OLA IPO - Global Banking | Finance

By Aditi Shah and Scott Murdoch

NEW DELHI/HONG KONG (Reuters) – Indian ride-sharing giant Ola plans to raise up to $1 billion through an initial public offering (IPO) and is finalising banks to advise on the fund-raise, three sources told Reuters, becoming the latest startup to join the capital markets boom.

Ola, backed by Japan’s Softbank Group, has roped in Citigroup, two people with direct knowledge of the matter said. It has also brought Kotak Mahindra and Morgan Stanley on board, said two other people familiar with the plans.

The company, which competes with Uber Technologies, is also in talks with Bank of America and JP Morgan, one of the people said.

Ola, JP Morgan and Kotak Mahindra did not immediately respond to a request for comment.

Bank of America, Citi and Morgan Stanley declined to comment.

The successful listing of food delivery service Zomato, backed by China’s Ant Group, in July has made other technology startups more bullish about raising money through capital markets, two of the people said.

Over half a dozen startups including payments company Paytm, e-pharmacy PharmEasy and online insurance aggregator Policybazaar are preparing for IPOs, giving investors like Ant and Softbank an opportunity to exit.

Founded in 2010 by Bhavish Aggarwal, Ola has a majority share of India’s ride-hailing market which took a hit last year as lockdowns kept people at home, forcing the company to cut its workforce and temporarily halt the bulk of its business.

Ola also has a growing presence in several global markets such as Australia and the United Kingdom.

In July, private equity firms Temasek and Warburg Pincus invested about $500 million in Ola ahead of its planned IPO.

Bloomberg News first reported of Ola’s IPO plans earlier on Monday.

(Reporting by Aditi Shah, Editing by Louise Heavens)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post