Ride-hailing aggregator Ola is exploring a public offer early next year, aiming to raise at least $1.5-2 billion, valuing the Bengaluru-based unicorn at $12-14 billion.
The proposed listing of Ola, which counts SoftBank, Tiger Global Management and Tencent as some of its key investors, will raise half the capital through a primary issuance while the rest will be through an offer for sale from some early backers, people with knowledge of the matter told ET. Investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup and JP Morgan are understood to be working with the company on filing preliminary documents with the market regulator in the next two months.
Ola has chosen three banks – Kotak Investment Banking, Citigroup and Morgan Stanley – to manage its $1-billion IPO. PhonePe has received an insurance broking licence from the industry regulator.