Ola selects Citigroup, Kotak Mahindra for over $1-bn share sale

Ola Cabs has started hiring investment banks and lawyers to work on its plans for an initial public offering that could see the ride-hailing company raise more than $1 billion, three people aware of the development said.

“Ola has shortlisted Kotak Mahindra Capital and Citigroup, and conversations are on with others such as Morgan Stanley. More banks will be added later. Two law firms have also been hired. A large part of the IPO will be primary capital to propel the company’s growth, while there will also be a secondary share sale by some investors. These details will be firmed up close to the filing of the draft prospectus,” one of the three people said, seeking anonymity.