Ola mulling over $1.5-bn IPO

Ride-hailing major Ola is looking at raising $1-1.5 billion (Rs 7,324-10,985 crore) via an initial public offering (IPO) and is expected to file the DRHP (Draft Red Herring Prospectus) in the December quarter, according to sources.

Ola is working with select banks, including Citigroup Inc and Kotak Mahindra Bank Ltd, to manage the public offering, two people close to the development said. One of the persons said the details of the offering by ANI Technologies (which runs Ola), including size and timeline, could still change given that deliberations are still ongoing. E-mails sent to Ola did not elicit a response. Recently, Ola co-founder Bhavish Aggarwal had said the company -- which competes against US-based Uber -- is planning a public offering sometime next year, but has not yet set a date. Ola had previously talked of a possible listing as well. An IPO will help Ola investors like SoftBank, Tiger Global and Steadview Capital to exit or partially sell their stake in the company to return funds to their shareholders.