Ride-hailing giant Ola is progressing towards its much-anticipated initial public offering (IPO), with its parent company, ANI Technologies Private Limited, scheduling an extraordinary general meeting (EGM) on November 14, 2024. The Bengaluru-based company is expected to discuss crucial matters related to the IPO at this gathering.
This marks the second public market entry for a company led by Bhavish Aggarwal, following Ola Electric’s listing earlier this year.
An email dated October 23, from Gagandeep Singh, the Office of the Company Secretary, confirmed the EGM will occur at the company’s registered office at 4:00 PM IST. The email also highlighted Ola’s ongoing evaluation of an IPO, pending favorable market conditions, necessary regulatory approvals, and other legal considerations.
The IPO is anticipated to feature a mix of fresh issues along with an offer for sale by existing shareholders, aligning with Ola’s strategy for growth and expansion. Insiders reveal that a draft red herring prospectus (DRHP) is likely to be filed within the next month, signaling Ola’s readiness to advance this milestone.
Reports indicate Ola recently sought investor approval to transition into a public entity. In a strategic shift in August, Bhavish Aggarwal announced that Ola Cabs would rebrand as Ola Consumer, expanding to include financial services, cloud kitchens, and electric logistics.
In FY23, ANI Technologies achieved a 42% increase in revenue, reaching Rs 2,799 crore, while managing to cut its losses by nearly half to Rs 772 crore. Although FY24 figures remain pending, Vanguard’s recent valuation places Ola at approximately $2 billion as of August. This is a notable dip from its $7.3 billion valuation in 2021.
As Ola Electric’s recent stock performance saw fluctuations, Ola faces a dynamic market landscape, but its IPO preparation underscores the company’s resilience and adaptive strategy.
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