Uber Rival Bolt Lines Up Adviser for Potential IPO
(Bloomberg) — Bolt Technology OU is working with an adviser to explore options including a potential initial public offering, according to people familiar with the matter.
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The Estonian mobility firm has lined up PJT Partners Inc. (PJT) for strategic advice, said the people, who asked not to be identified because the matter is private.
The company could pursue a listing as soon as next year, the people said. Bolt is still discussing the merits of listing in Europe or the US and it could pursue other avenues to raise capital, they said.
Deliberations are at an early stage and the plans could still change, the people said.
'As with any company considering a public listing, we consult with specialist advisers on a number of areas to assist,' a Bolt spokesperson said by email. 'We continue to evaluate a number of potential listing venues.' An IPO date would depend on market conditions, the spokesperson said.
A spokesperson for PJT declined to comment.
Bolt — which offers ride-hailing, food delivery and scooter rentals — last year secured a €220 million ($231 million) credit facility that Chief Executive Officer Markus Villig said would help it to 'work towards being IPO-ready.' The company earned a €7.4 billion valuation in a 2022 funding round after raising €628 million from Sequoia Capital, Fidelity Management and other investors.
Already competing against Uber Technologies Inc. (UBER) in Europe, Africa, Asia and Latin America, Bolt has extended a push into North America under the app name 'Hopp' in recent months.
The IPO preparations coincide with the plans of other European technology startups considering to go public. Swedish buy-now, pay-later fintech Klarna Group Plc is working toward a New York IPO as soon as the first half of 2025, Bloomberg News has reported.
—With assistance from Vinicy Chan, Lizette Chapman and Natalie Lung.
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