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Indian rideshare company Ola intends to go public next year – but the final date for the initial public offering has yet to be decided, group chairman and CEO Bhavish Aggarwal told CNBC.
He said Ola and Ola Electric – the company’s electric vehicle arm – have adequate capital and strong balance sheets.
“We have not publicly announced any plans for an IPO yet,” he told CNBC’s “Street Signs Asia” Friday.
“But, both companies will go public in due course. Ola will obviously go public sooner, it’s a more mature company – next year, but we don’t have a final date to share with everyone,” he said. added Aggarwal.
Ola taxi drivers talk to each other while waiting for passengers at the side of a road in Amritsar.
NARINDER NANU | AFP | Getty Images
Last month, Ola announced that Plum Wood Investment, a subsidiary of global private equity firm Warburg Pincus, and Singaporean state investor Temasek planned to invest $ 500 million in the company ahead of its IPO.
But the ridesharing company, which is also backed by Japanese group SoftBank, has not disclosed any details about its float plan.
Indian media reported that a group of existing Ola investors, including an investment firm Tiger Global sold its shares to Warburg Pincus and Temasek. India’s anti-monopoly watchdog said this month approved these transactions.
“Our investors are supporting us very, very strongly on our journey,” Aggarwal told CNBC. “They are very pleased with the progress our companies are making. And they continue to be very enthusiastic about our vision and our progress towards that vision.”
Most of Ola’s operations are in India, but the company’s ridesharing services are also available in the UK, Australia and New Zealand.
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