Ola shares may be listed in India and abroad likely by early 2022
As per the reports of Times of India, Ride-hailing aggregator Ola is looking at a public float of shares of up to $2 billion and is evaluating detailing the SoftBank-backed company in India as well as abroad.
As quoted by the publication,” Work has already begun on the IPO (initial public offer) front which may be between $1.5 billion and $2 billion in size”.
The company is thinking file a draft prospectus with the market regulator by the fourth quarter of 2021 and is now in the process of finalizing bankers to manage the issue.
The IPO may hit the market late this year or early 2022. The final valuation at which Ola wants to raise the funds is yet to be decided.
According to media reports, In March, Ola’s valuation had dropped to around $3.3 billion, possibly because of the impact on the company’s business due to the pandemic and other factors.
As Bloomberg quoted sources saying that the company could seek a valuation of more than $8 billion in the IPO.