Bhavish Aggarwal To Gain Rs 288 Crore From Ola Electric IPO
The public offering, set to launch on Aug. 2, is poised to be one of the largest IPOs of the year.
Ola Electric Co-founder and Chief Executive Officer, Bhavish Aggarwal, stands to earn around Rs 288.15 crore from the company's upcoming initial public offering, if he sells stake at the upper end of the price band of Rs 76 per share.
Aggarwal holds 1,36,18,75,240 equity shares of Ola Electric, representing 36.94% stake of the company. He plans to offload 3,79,15,211 equity shares in the IPO.
The average cost of acquisition per equity share for Bhavish Aggarwal is below Rs 0.01 so the total amount for the shares that he will offload cost him Rs. 3.79 lakh against a potential Rs 288 crore revenue, amounting to a net profit of Rs. 287.96 crore.
The public offering, set to launch on Aug. 2, is poised to be one of the largest IPOs of the year, aiming to raise approximately Rs 6,145.56 crore.
Ola Electric commands a 35% market share in India’s electric two-wheeler sector. The company is offering its shares in a price band of Rs 72 to Rs 76 per share.
The IPO will consist of 72,36,84,210 equity shares, valued at roughly Rs 5,500 crore. The funds raised from the IPO will be utilised for several key purposes including debt repayment, expansion of its gigafactory, supporting research and product development, and general corporate needs.
The IPO also includes an offer for sale component, where promoters and investors will offload 8,49,41,997 shares, expected to raise Rs 645.56 crore.
