Ola to come up with an IPO. Through this IPO, the company can raise Rs 7324-10985 crore. According to the information, Ola can file a draft red herring prospectus (DRHP) in the December quarter (October-December 2021) for this IPO. To manage this issue, the company is working closely with a few banks, including Citigroup and Kotak Mahindra Bank. This IPO is being brought by ANI Technologies which operates Ola. According to sources, there may be changes in the size and timeline of this IPO now. There is no response in the mail sent by Ola.
Recently, US company Uber’s major rival Ola’s co-founder Bhavish Aggarwal had said that there is a plan to bring an IPO next year but no timeline has been fixed for it yet. This IPO will help investors SoftBank, Tiger Global and Steadview Capital to return funds to their shareholders by selling their partial stake.
Ola was started 10 years ago
Bhavish Aggarwal and Ankit Bhati started Ola about 10 years ago in 2011. This company offers services in India, Australia, New Zealand and the UK. According to an estimate, Ola has so far raised a fund of $ 400 million (Rs 29.31 thousand crore). In July 2021, Ola announced an investment of Rs 3733 crore by Temasek, Plum Wood Investment of Warburg Pincus and Bhavish Agarwal in the company.
Increase in employee’s stock options last month
In July, Aggarwal said that Karni had grown its business rapidly in more than a year. After the lockdown, there was a sharp recovery in Ola’s business and now most people are giving priority to personal travel instead of public transport, due to which Ola is in a better position to capitalize. Ola had also announced in July to increase employee stock options to Rs 3,000 crore and allocation of additional stock worth Rs 400 crore to its employees.