IPO-bound Ola Electric pays most to battery specialist Hyun Shik Park; check what other top executives are paid

Ola Electric, the IPO-bound arm of cab aggregator Ola, issues the biggest pay cheque to Hyun Shik Park, a battery specialist with nearly four decades of experience.

The company paid him a remuneration of ₹8.7 crore to Park in fiscal year 2023-24 (FY24), as per the red herring prospectus (RHP) shared with the market regulator ahead of the upcoming IPO.

Notably, Park is serving as the chief operations officer of Ola Cell Technologies, a 100% subsidiary of Ola Electric.

Prior to joining Ola Electronics, Park was associated with South Korean conglomerate LG for around 36 years. Over the years, he served as the head of automotive battery for LG Energy Solution, was the vice-president of the company's mobile battery division, and also served as a representative of LG Chemical in China.

Check other top paid executives of Ola Electric

• Ola Electric's chief operations officer Shaun William Calvert was paid ₹4.79 crore in FY24, according to the RHP.
• The company's chairman and managing director, Bhavish Aggarwal, drew an annual pay of ₹2.88 crore.
• N Balachandar, the chief people officer, was paid a total of ₹2.73 crore during the fiscal year.
• Samraz Jabez Dhinagar, the head of vehicle engineering, was paid ₹1.92 crore.
• Harish Abhichandani, the chief financial officer, drew a remuneration of ₹1.67 crore.
• Ramkripa Ananthan, the head of vehicle design, was paid ₹1.61 crore.
• Vishal Chaturvedi, the senior director of new business initiative, was paid ₹1.36 crore.

Ola Electric IPO

The initial public offering is a combination of fresh issuance of 72.37 crore shares of face value of ₹10 each, aggregating to ₹5,500 crore, and an offer-for-sale (OFS) of 8.49 crore shares, aggregating to ₹645.56 crore.

The IPO has been set at ₹72-76 per share, with the minimum bid quantity (lot size) of 195 shares and in multiples of 195 thereafter.

Under the OFS, Ola Electric promoters Bhavish Aggarwal and Indus Trust are offloading 3.79 crore and 41.79 lakh equity shares, respectively. Among investors, SVF II Ostrich (DE) LLC, which is the largest shareholder in the company, is also selling 2.38 crore shares.

Ola Electric has reserved up to 75% of shares of the net public issue (excluding employees' portion) for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.

The issue opens for subscription on August 2 and closes on August 6. The allotment of shares is expected to be finalised on August 7. OLA Electric shares are tentatively scheduled to be listed on both the BSE and the NSE on August 9.