Ola Electric: Ola Electric’s IPO rocked the stock market on Friday. After a sluggish start without giving any listing gain, Ola Electric’s stock continued to have a roller coaster ride throughout the day. By evening, the company’s shares closed with an upper circuit on the first day itself. This success has brought a lot of happiness to the company as well as CEO Bhavish Aggarwal. Now he has entered the Billionaires Club. He called it a great opportunity of his life. He also said that he is still busy accepting this beautiful moment.
The company’s responsibility increased after the IPO
Ola founder Bhavish Aggarwal wrote on social media platform X that till yesterday it was going on like a process. We worked hard and contributed to making India the world’s largest electric vehicle two wheeler market. Our hard work has paid off. Now the whole world has accepted it. However, now our responsibility has increased further. We have to double our business rapidly. We will now have to work hard to build the country of our dreams. After public listing, we will have to work while increasing people’s money and trust.
Bhavish Aggarwal’s net worth doubled in one day
Ola Electric’s shares rose 20 percent on the day of listing and hit an upper circuit to close at Rs 91.20. Bloomberg Billionaire Index (According to Bloomberg Billionaires Index, by 10.30 am the company’s shares had jumped 16 percent. Due to this, Bhavish Agarwal’s net worth reached $ 1.40 billion. By Friday evening, when the company’s shares hit an upper circuit of 20 percent, his wealth had reached $ 2.6 billion. Bhavish Agarwal’s net worth has almost doubled in a single day.
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 recognizes that.
But today it feels like an… pic.twitter.com/IMMoLRRrLe
— Bhavish Aggarwal (@bhash) August 9, 2024
Stock hits peak after flat listing
Ola Electric’s IPO was worth Rs 6146 crore. It is being considered the biggest IPO of the year. For this, the price band of the shares was fixed between Rs 72 to Rs 76 per share. The shares were listed on BSE at Rs 75.99 and on NSE at Rs 76. After the listing, there was a rush among investors to buy the company’s shares. Due to this, the shares hit the upper circuit.
Today, as @OlaElectric goes public, I find myself reflecting on what this day truly represents.
While IPO ceremonies happen frequently, this one is different because it marks not just my journey, but our collective journey. Although entrepreneurs often receive the spotlight, we… pic.twitter.com/pZLwAQF3pW
— Bhavish Aggarwal (@bhash) August 9, 2024
Ola Electric became a unicorn in two years
Ola Electric was founded in 2017 in Bengaluru. At that time, many electric vehicle companies in the country were trying to start business in India. After the launch of the company, Ola Electric became a unicorn within just two years due to funding from companies like SoftBank and Tiger Global Management. However, according to the company’s March 2023 data, it suffered a loss of Rs 14.7 billion in FY 2023.
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