Indian cab service provider Ola Cabs is said to launch its Initial Public Offering (IPO) as soon as June-July, news agency Reuters reported today, quoting sources. The report said that the Softbank-backed ride-hailing firm plans to raise $500 million at a valuation of nearly $5 billion.
Ola Cabs has appointed foreign banks including Goldman Sachs, Bank of America, Citi and domestic banks including Kotak and Axis for its upcoming IPO that the company plans to launch in the next three months, Reuters reported quoting sources.
Ola, Citi and Bank of America declined to comment on the story published by Reuters.
