SoftBank-backed ride-sharing company Ola said to prepare for up to $1b India IPO

SoftBank-backed ride-sharing company Ola said to prepare for up to $1b India IPO

FILE PHOTO: A policeman drinks tea in front of Ola's office in Mumbai, India October 29, 2018. REUTERS/Francis Mascarenhas/File Photo

Indian 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.

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