India's ride-hailing start-up Ola has selected banks including Citigroup and Kotak Mahindra Bank to manage its Mumbai initial public offering that could raise about $1 billion, according to sources.
The company, backed by SoftBank Group and Tiger Global Management, has also picked Morgan Stanley for the listing, sources said. The start of based in Bangalore, could seek a valuation of more than $8bn in the IPO and could lodge a filing as soon as October.
The 11-year-old Ola would be joining a strong pipeline of Indian start-ups that are ready to tap the equities market for funds. Paytm, the country’s leader in digital payments, Flipkart, the Indian e-commerce giant controlled by Walmart, and digital education start-up Byju’s are also preparing for their share sales.
Details of Ola’s IPO including size and timeline could still change as deliberations are ongoing and more banks could be added. Representatives for Citi, Morgan Stanley and Ola declined to comment, while a representative for Kotak Mahindra did not immediately respond to requests for comment.
Ola currently partners with about 1.5 million drivers across 250 cities in India, Australia, New Zealand and the UK. The Uber Technologies' rival in July raised $500 million from investors including Temasek Holdings and an affiliate of Warburg Pincus.
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Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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