Ola Electric IPO: Bhavish Aggarwal could become richer by ₹288cr
Ola Electric, under the leadership of Bhavish Aggarwal, is preparing to launch its Initial Public Offering (IPO) on August 2. The company aims to raise approximately ₹6,145.56 crore through this IPO. If successful, this would mark India's largest IPO for the year 2024. While two early investors in the company are set to bag gains of up to 800%, Ola's boss is likely to become richer by over ₹288 crore.
Ola Electric's IPO comprises over 723 million shares
The Ola Electric IPO consists of more than 723 million equity shares, valued at approximately ₹5,500 crore. The IPO also includes an offer for sale, with promoters and investors set to offload nearly 85 million shares. These shares have a face value of ₹10 each, amounting to an aggregate of ₹645.56 crore. Among those selling shares are Aggarwal and Indus Trust, who plan to offload approximately 38 million and over four million equity shares, respectively.
Aggarwal could gain nearly ₹288 crore from IPO
According to the Red Herring Prospectus (RHP), Aggarwal currently holds over 1.3 billion equity shares in Ola Electric, representing a stake of approximately 36.94%. If the shares are issued at the upper end of the IPO price band of ₹72-76, Aggarwal could potentially gain over ₹288 crore. Tiger Global and Z47, both early investors in Ola Electric, stand to make substantial returns of 550% and 824%, respectively.
