Ola has delayed its initial public offering (IPO). The company was close to filing for an IPO but decided to postpone the plan, according to a report from Business Today, 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. As a board, we took a call to do it later. It could be later this year or early next year because we’re actually Our carpooling business is very profitable. Our investors are very supportive of the sign-up strategy,” Aggarwal told Business Today.

“There is no rush for us to sign up. When we hit the market, some people will be positively surprised, unlike some of our internet consumer peers,” he said.

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

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

However, 22 IPOs have had positive listing day gains this year.