- Bhavish Aggarwal to sell 37.9 million shares in Ola Electric IPO.
- IPO price band set at ₹72-76 per share, aiming to raise around ₹6,145.56 crore.
- Ola Electric commands a 35% market share in India’s electric two-wheeler market.
The IPO of Bhavish Aggarwal-led Ola Electric Mobility Limited opened for subscription today, marking the largest IPO in India for 2024.
Bhavish Aggarwal, the company’s co-founder and CEO, is set to offload 37,915,211 equity shares. At the upper end of the price band (₹76), this would yield around ₹288.15 crore. Currently, Aggarwal holds 1,361,875,240 shares, representing 36.94% of the company’s equity share capital.
Ola Electric IPO: Bhavish Aggarwal to Pocket ₹288 Crore
Ola Electric Mobility Limited, led by Bhavish Aggarwal, has launched its much-anticipated IPO, the largest in India for 2024. The offering includes a price band of ₹72-76 per share and aims to raise around ₹6,145.56 crore. Investors can subscribe in lots of 195 shares, with the total issue comprising 723,684,210 equity shares.
The proceeds from the IPO will be strategically used to repay debt, enhance the gigafactory, and support various growth initiatives, including research and development. This move underscores Ola Electric’s ambition to solidify its leading position in the electric two-wheeler market in India, where it currently holds a 35% market share.
Bhavish Aggarwal, the co-founder and CEO, plans to sell 37,915,211 shares as part of this public offering. If shares are priced at the top of the band (₹76), Aggarwal will gain nearly ₹288.15 crore. This sale is part of a broader strategy to bring in substantial capital while retaining significant ownership in the company.
Aggarwal’s current holding stands at 1,361,875,240 shares, which constitutes 36.94% of the company’s equity. The successful IPO will not only provide substantial funds for Ola Electric’s expansion plans but also enhance its market presence and investor confidence, setting a strong precedent for future endeavors.
The successful completion of the Ola Electric IPO is poised to significantly bolster the company’s financial strength and market position, while providing Bhavish Aggarwal with substantial earnings, marking a milestone in the Indian electric vehicle market.
“What CEO Bhavish Aggarwal said on Ola Electric IPO: ‘We are mission driven’”
