ANI Technologies, the parent company of Ola Cabs, initiated preliminary discussions with investment banks this week as the holding firm evaluates the potential launch of an initial public offer (IPO) of the ride hailing business, three people familiar with the development said on the condition of anonymity.
The development comes on the back of sister firm Ola Electric filing its draft red herring prospectus with market regulator Sebi in December to raise around Rs 7,250 crores via an IPO, the first attempt at a public listing by an Indian electric vehicle (EV) firm.
“Ola Cabs held early stage discussions with a few global and domestic investment banks on April 19 in Bangalore. More meetings with other banks may happen later,” one of the people cited above said.
The person added that no final call had been taken as yet on the listing and depending on market conditions, plans may change later.
A second person also confirmed the meeting between the firm and the bankers.
A third person told Moneycontrol, ” Both Ola Electric and Ola Cabs are different businesses and both are IPOable. These are early days and if they decide to take the plunge, they will finalize a syndicate of advisors and proceed. ”
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