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  5. Bhavish Aggarwal enters billionaire club; here's what he said after Ola Electric listing

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Bhavish Aggarwal enters billionaire club; here's what he said after Ola Electric listing

Upstox
By Upstox News Desk

2 min read | Updated on August 09, 2024, 13:32 IST

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SUMMARY

With Ola Electric shares rising 20%, Bhavish Aggarwal, who held 1,36,18,75,240 shares pre-listing, was valued at ₹12,420 crore (over $1.5 billion).

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The ₹6,145-crore IPO of Ola Electric received 4.27 times subscription on during the August 2 to August 6 bidding period.

Bhavish Aggarwal, the founder and chief executive officer (CEO) of Ola Electric Mobility, entered the billionaire club on Friday after the shares of the electric two-wheeler manufacturer hit their upper circuit.

Ola Electric shares hit 20% upper circuit to trade at ₹91.2 apiece after listing at par with the issue price of ₹76. To know more about Ola Electric, CLICK HERE.

With shares rising 20%, Aggarwal, who held 1,36,18,75,240 shares pre-listing, was valued at ₹12,420 crore (over $1.5 billion).

Here's what Bhavish Aggarwal said after the Ola Electric listing

Taking to X (formerly Twitter), Agarwal said, "The importance of today, this moment is finally sinking in. It felt like a process till yesterday - where we did our work and put in our time and made India one of the largest EV 2W markets. Our hard work has paid off and the world recognises that."

The Ola Electric founder added, "But today it feels like an important duty, a responsibility to double down on our aspirations and to build the country of our dreams. To be dedicated and faithful custodians of public money and faith."

He said the destination is far ahead and "we didn't come this far, to just come this far".

The company's market valuation stands at ₹40,226.7 crore.

The ₹6,145-crore IPO of Ola Electric received 4.27 times subscription on during the August 2 to August 6 bidding period. The initial share sale had set a price band of ₹72-₹76 a share.

The public offer, the first by an electric vehicle maker, had a fresh issue of up to ₹5,500 crore and an Offer-for-Sale (OFS) of up to 8,49,41,997 equity shares.

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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