Ola Electric IPO: Bhavish Aggarwal-led Ola Electric Mobility Limited opened its initial public offering (IPO) for subscription today (August 2). Through the IPO, the Softbank-backed company aims to raise around ₹6,145.56 crore from the IPO. Ola Electric has come up India's biggest initial public offering of 2024 so far as the company commands nearly 35 per cent market share in India's electric two-wheeler market.
Ola Electric IPO: Bhavish Aggarwal, CEO of Ola Cabs, and founder of Ola Electric, sits on an Ola electric scooter after the press conference ahead of the company's IPO launch in Mumbai. (Reuters)
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The price band of the IPO is ₹72-76 per share at a lot size of 195 shares and the comprises 723,684,210 equity shares worth approximately ₹5,500 crore. Net proceeds from the issue will be utilised for debt repayment, expand its gigafactory, organic growth initiatives, research and development and general corporate purposes.
Bhavish Aggarwal to gain ₹288 crore from Ola Electric IPO?
Among the promoters, Bhavish Aggarwal and Indus Trust will offload 37,915,211 and 4,178,996 equity shares with a face value of ₹10 each. As per the Red Herring Prospectus, Bhavish Aggarwal currently holds 1,361,875,240 equity shares with a face value of ₹10 each in the company.
This represents 36.94 per cent of the issued, subscribed, and paid-up equity share capital of the company. If the shares are issued at the upper end of the IPO price band at ₹76, this will yield earnings of nearly ₹288.15 crore from the public issue for Bhavish Aggarwal.
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This represents 36.94 per cent of the issued, subscribed, and paid-up equity share capital of the company. If the shares are issued at the upper end of the IPO price band at ₹76, this will yield earnings of nearly ₹288.15 crore from the public issue for Bhavish Aggarwal.
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Home/Business/Bhavish Aggarwal to earn ₹288 crore from Ola Electric IPO?
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