Ola IPO delayed, CEO Bhavish Aggarwal reveals plan

Other News Materials 6 June 2022 02:41 (UTC +04:00)
Ola IPO delayed, CEO Bhavish Aggarwal reveals plan

Ola has delayed its initial public offering (IPO). The company was very close to file for the IPO but decided to defer the plan, according to a Business Today report, Trend reports citing India Today.

The IPO could hit the market later this year or early next year, OLA CEO Bhavish Aggarwal said.

"We were actually very close to filing. We as a board took a call to do it later. It could be later this year or early next year because we’re actually ready. Our ride hailing business is very profitable. Our investors are very supportive on the strategy on listing," Aggarwal told Business Today.

"There's no urgency for us to list. When we come to the market, some people will be positively surprised, unlike some of our consumer internet peers," he said.

A total of 16 IPOs hit the market first quarter of this year against 23 IPOs during the corresponding period during the first quarter of 2021, according to EY Global IPO Trends report.

So far in 2022, nine IPOs have suffered losses on the listing date. The list includes Life Insurance Corporation of India (LIC). LIC's shares were listed lower than that of IPO price.

However, there are 22 IPOs that have positive listing day gains this year.