SUMMARY
- Ola is planning to hold an extraordinary general meeting of the members of its parent company for its IPO.
- The meeting is set to be held on November 14.
- This will mark the second company led by Bhavish Aggarwal to have gone public.
Ride-hailing major Ola is planning to hold an extraordinary general meeting of the members of ANI Technologies Private Limited, Ola’s parent company, for its IPO, on November 14, 2024.
Following Ola Electric, this will mark the second company led by Bhavish Aggarwal to have gone public.
The email sent by Gagandeep Singh, Office of the Company Secretary at Ola, dated Saturday, November 9, stated, “An Extraordinary General Meeting of the Members of ANI Technologies Private Limited (‘Company’) is scheduled to be held on Thursday, November 14, 2024, at 4:00 PM (IST) at the registered office of the Company.”
In a previous email dated October 23, the company secretary also mentioned that Ola is in the process of considering an IPO, contingent upon favorable market conditions, regulatory approvals, corporate matters, and other necessary permissions, as well as compliance with applicable laws and other relevant factors.
It is expected that the IPO will include both new shares being issued and the sale of existing shareholders’ equity shares.
Sources indicate that the company is planning to submit its draft red herring prospectus (DRHP) in coming weeks. ““As per plan, Ola will file DRHP in the next three to four weeks,” an anonymous source shared.
The Arc reported that the Bengaluru-based company has sought investor approval to transition into a publicly traded entity. In August, Bhavish Aggarwal announced the rebranding of Ola Cabs as Ola Consumer, which would include financial services, cloud kitchens, and electric logistics.
ANI Technologies, the parent company of Ola, saw a 42% growth in revenue to Rs 2,799 crore in FY23 while also managing to cut its losses by nearly half to Rs 772 crore during the same period. The company has yet to disclose its financial figures for FY24.
Vanguard has adjusted Ola’s valuation to around $2 billion as of the end of August. Previously, the investment advisory had lowered Ola’s valuation to $1.88 billion from November 30, 2023. Ola was valued at $7.3 billion in 2021.
Going public could present challenges, particularly given that Ola Electric recently experienced an all time low in its share price to Rs 72.6 per share after its August listing at Rs 76 per share. Ola Electric reached its peak at Rs 157.53 in mid-August.
