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Mumbai: Ride-hailing startup Ola has selected banks including Citigroup Inc and Kotak Mahindra Bank Ltd to raise around $1 billion to manage the Mumbai initial public offering, according to people familiar with the matter.
The company, which is backed by SoftBank Group Corp and Tiger Global Management, also selected Morgan Stanley for the listing, people who asked not to be named as the information is private. One of the people said the Bangalore-based startup could seek a valuation of over $8 billion in an IPO and file as early as October.
The 11-year-old will join a strong pipeline of Indian startups that are poised to tap the IPO market in the coming months. Paytm, the country’s leader in digital payments, Walmart Inc-controlled Indian e-commerce giant Flipkart and digital education startup Byju’s are also gearing up for their first-ever share sale, reports Bloomberg News.
People said the size and time frame of Ola’s IPO may still change as the deliberations are on. He said more banks may be added later. Representatives for Citi and Morgan Stanley declined to comment, while representatives for Kotak Mahindra and Ola did not immediately respond to requests for comment.
Hailstone in present Rivals Uber Technologies Inc. partners with nearly 1.5 million drivers in 250 cities across India, Australia, New Zealand and the UK in July raised $500 million from investors including Temasek Holdings Pte and an affiliate of Warburg Pincus.-bloomberg
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Read also: Goldman Sachs, Kotak, ICICI among 10 banks to manage LIC’s IPO
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