SoftBank-backed Ola plans $1 billion IPO

Indian ride-sharing firm Ola, backed up by SoftBank, is planning to raise up to $1 billion through an initial public offering, CNBC reported.
OLA cabs in Bangalore
Ola is finalizing the banks that will advise on its fundraising and has reportedly roped in Citigroup, Kotak Mahindra and Morgan Stanley.

Ola Chairman and group CEO Bhavish Aggarwal told CNBC this month that the company planned to go public next year and that a final date had not been decided.

Food delivery firm Zomato made its stock market debut last month, payments giant Paytm filed for a $2.2 billion float, and online insurer PolicyBazaar filed for an IPO to raise over $800 million. Reports say e-commerce giant Flipkart is also exploring listing options.

Most of Ola’s operations are in India, but the company’s ride-hailing services are also available in the U.K., Australia and New Zealand.

Last month, Ola announced that Plum Wood Investment, an affiliate of private equity firm Warburg Pincus, and Singapore state investor Temasek, were planning to invest $500 million into the company ahead of its IPO.