India's ride-hailing start-up Ola has selected banks including Citigroup and Kotak Mahindra Bank to manage its Mumbai initial public offering that could raise about $1 billion, according to sources.
The company, backed by SoftBank Group and Tiger Global Management, has also picked Morgan Stanley for the listing, sources said. The start of based in Bangalore, could seek a valuation of more than $8bn in the IPO and could lodge a filing as soon as October.
The 11-year-old Ola would be joining a strong pipeline of Indian start-ups that are ready to tap the equities market for funds. Paytm, the country’s leader in digital payments, Flipkart, the Indian e-commerce giant controlled by Walmart, and digital education start-up Byju’s are also preparing for their share sales.
Details of Ola’s IPO including size and timeline could still change as deliberations are ongoing and more banks could be added. Representatives for Citi, Morgan Stanley and Ola declined to comment, while a representative for Kotak Mahindra did not immediately respond to requests for comment.
Ola currently partners with about 1.5 million drivers across 250 cities in India, Australia, New Zealand and the UK. The Uber Technologies' rival in July raised $500 million from investors including Temasek Holdings and an affiliate of Warburg Pincus.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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UAE currency: the story behind the money in your pockets
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
* The top three teams progress to the Asia Qualifier