Ride-sharing giant Ola plans to raise up to $1 billion through an initial public offering (IPO) and is finalising banks to advise on the fund-raise, three sources told Reuters, becoming the latest startup to join the capital markets boom.
Ola, backed by Japan’s Softbank Group, has roped in Citigroup, two people with direct knowledge of the matter said. It has also brought Kotak Mahindra and Morgan Stanley on board, said two other people familiar with the plans.
The company, which competes with Uber Technologies, is also in talks with Bank of America and JP Morgan, one of the people said.
Ola, JP Morgan and Kotak Mahindra did not immediately respond to a request for comment.
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