Bhavish Aggarwal’s Ola Electric IPO launched, He promoted Ola Electric Mobility Limited has come out with its initial public offering (IPO) today i. e, August 2, 2024. Locus being a company backed by Softbank aspires to raise nearly ₹6,145. 56 crore from the IPO, thus setting the record for being the largest public issue in India in the given year. Ola Electric currently commands a 35% market share of electric two-wheelers in India.
Bhavish Aggarwal’s Ola Electric IPO Details
The issue price band has been fixed at ₹72- ₹76 per share with lot size of 195 shares. The offering includes the sale of equity shares to the tune of 723,684,210 at a price of around INR 5,500Cr. The IPO net proceeds involve several aspects, namely; The debt reduction and expansion of the company’s gigafactory, organic growth projects, research and development, and other corporate purposes.
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Promoter Share Sale
In the same category of promoters, Bhavish Aggarwal and Indus Trust are to be issuing 37,915,211 and 4,178,996 of its paid up equity share of ₹10 each. Going by the Red Herring Prospectus, Bhavish Aggarwal was holding 1,361,875,240 equity shares, which is 36 per cent. Thus, the company is proposing buying back up to 94 per cent of the issued, subscribed, and paid-up equity share capital of the company. So, if the shares are issued at the upper end of the IPO price band at ₹76, Aggarwal would make nearly ₹288 out of the deal. from the public issue the company intends to raise 15 crore .
Ola Electric’s IPO is the big news of the day as the firm aims to raise more capital to finance growth and establish itself as the market leader in the EV segment.
Report By: Sonali Sarkar
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