Ola picks banks for $1 billion IPO, may file papers in Oct: Report

The Bangalore-based startup could seek a valuation of more than $8 billion in the IPO and could lodge a filing as soon as October, people familiar with the matter said

Ride-hailing startup Ola has selected banks including Citigroup Inc. and Kotak Mahindra Bank Ltd. to manage its Mumbai initial public offering that could raise about $1 billion, according to people familiar with the matter.
 

The company, backed by SoftBank Group Corp. and Tiger Global Management, has also picked Morgan Stanley for the listing, said the people, who asked not to be named as the information is private. The Bangalore-based startup could seek a valuation of more than $8 billion in the IPO and could lodge a filing as soon as October, one of the people said.

The 11-year-old Ola would