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Get the essential information on OLA Electric's IPO launching on August 2nd. Find out how Bhavish Aggarwal could earn Rs. 288 Cr from this opportunity.
Overview of Ola Electric IPO
Ola Electric Mobility Limited, led by Bhavish Aggarwal, is set to open its initial public offering (IPO) for subscription on Friday, August 2, 2024. The company, which holds approximately 35% of India's electric two-wheeler market, aims to raise around Rs 6,145.56 crore from the IPO. This would be India's largest IPO of 2024 to date.
The net proceeds from the IPO will be used for:
The IPO includes an offer for sale where promoters and investors will offload 84,941,997 shares with a face value of Rs 10, totaling Rs 645.56 crore.
Bhavish Aggarwal and Indus Trust are set to sell 37,915,211 and 4,178,996 equity shares, respectively. Aggarwal currently holds 1,361,875,240 equity shares with a face value of Rs 10 each, representing 36.94% of the company's equity on a fully diluted basis. The cost of acquisition for Aggarwal is negligible.
If the shares are issued at the upper end of the price band (Rs 76), Aggarwal stands to gain approximately Rs 288.15 crore from selling 37,915,211 shares.
According to the RHP:
The following investors are selling their stakes through the offer for sale:
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