Ride-hailing major Ola is looking at raising Rs 7,324 to 10,985 crore via an initial public offering (IPO) and is expected to file the DRHP (Draft Red Herring Prospectus) in the December quarter, according to the source close to the development.

Notably, Ola is working with select banks, including Citigroup Inc and Kotak Mahindra Bank Ltd, to manage the IPO, two people close to the development said. Recently, Ola co-founder Bhavish Aggarwal had said the company, which competes against US-based Uber, is planning a public offering sometime next year, but has not yet set a date.

Ola had previously talked of a possible listing as well. An IPO will help Ola investors like SoftBank, Tiger Global and Steadview Capital to exit or partially sell their stake in the company to return funds to their shareholders.

In July, Ola had announced an investment of Rs 3,733 crore from Temasek, Warburg Pincus affiliate Plum Wood Investment and Bhavish Aggarwal. At that time, Aggarwal had said the company has made its ride-hailing business "more robust, resilient and efficient" over the last 12 months.

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