Ola Cabs is reportedly planning to raise $500 million through its upcoming initial public offering (IPO), aiming for a valuation of approximately $5 billion. Reuters reported this development on Friday, citing sources familiar with the matter.
The Indian ride-hailing company, often considered a counterpart to Uber, intends to submit its IPO documents to the Securities and Exchange Board of India (Sebi) for approval within the next three months, according to the sources.
The report further stated that Ola is currently in discussions with several investment banks, including Goldman Sachs, Bank of America, Citi, and India's Kotak and Axis. The company aims to finalize its IPO advisors within the next month.
However, there has been no official confirmation from Ola or the banks mentioned in the report regarding these discussions.
