India’s ride-hailing company Ola plans to go public next year – but a final date for the IPO has not yet been set, Bhavish Aggarwal, chairman and group CEO, told CNBC.
He said that both Ola and Ola Electric – the company’s electric vehicle arm – have adequate capital and strong balance sheets.
“We haven’t publicly announced any IPO plans yet,” he said on CNBC’s Street Signs Asia on Friday.
“But both companies will go public in due course. Ola will obviously go public earlier, it’s a more mature business – sometime next year, but we don’t have a final date to share with everyone, ”added Aggarwal.
Ola taxi drivers talk to each other while waiting for passengers by the roadside in Amritsar.
NARIDER NANU | AFP | Getty Images
Last month, Ola announced that Plum Wood Investment, a subsidiary of global private equity firm Warburg Pincus, and Singapore state-owned investor Temasek are planning to invest $ 500 million in the company ahead of its IPO.
However, the ride-hailing company, which is also supported by the Japanese SoftBank Group, did not provide any details about the planned IPO.
Indian media reported that a number of existing Ola investors, including investment firms Tiger Global, sold its shares in Warburg Pincus and Temasek. India’s anti-monopoly watchdog announced this month that it had approved these transactions.
“Our investors support us very, very strongly on our way,” Aggarwal told CNBC. “They are very pleased with the progress our companies are making. And they continue to be very excited about our vision and our progress towards that vision.”
Most of Ola’s operations are in India, but the company’s ride-hailing services are also available in the UK, Australia and New Zealand.
