Bhavish Aggarwal: Ola Electric’s IPO is going to hit the market from Friday, August 2. Its anchor book is going to open from August 1 itself. Through this IPO, the company’s CEO Bhavish Aggarwal is also going to sell his stake. The price band of this Rs 6145 crore IPO has been kept between Rs 72 to Rs 76. According to this price band, Bhavish Aggarwal is almost certain to earn about Rs 288 crore. Apart from him, the big promoters of the company will also bring their stake to the market through IPO.
Bhavish Aggarwal will sell 37,915,211 equity shares
The IPO of Softbank-backed Ola Electric has become the biggest issue of this year. Bhavish Aggarwal has more than 35 percent stake in the company. In Ola Electric’s IPO, about Rs 645.56 crore has been reserved for anchor investors and Rs 5500 crore for others. The company has launched 723,684,210 equity shares in the IPO. Promoters and investors are going to sell 84,941,997 shares in the offer for sale. Bhavish Aggarwal is going to sell 37,915,211 shares and Indus Trust is going to sell 4,178,996 equity shares. Bhavish Aggarwal currently has 1,361,875,240 equity shares.
Ola will expand the manufacturing plant
The company will expand its manufacturing plant with the money coming from this IPO. Apart from this, Rs 1600 crore will be spent on research and product development and Rs 800 crore will be spent on repaying the loan. The company also wants to bring its motorcycle to the market soon. The company is going to introduce cruiser, adventure, roadster and diamondhead electric bikes in the market. The GMP of Ola Electric IPO is currently running between Rs 12 to Rs 20.
These big investors are going to sell their stake in the offer for sale
- Alpha Wave Venture – 3,782,883 equity shares
- Alpine Opportunity Fund – 630,336 equity shares
- Internet Fund 3 Pte – 6,360,891 equity shares
- Matrix Partners India – 3,727,534 equity shares
- MacRitchie Investments – 1,354,978 equity shares
- MacRitchie Investments – 3,727,534 equity shares
- SVF Ostrich – 23,857,268 equity shares
- Techne Private Ventures – 975,581 equity shares
- Aashna Advisors – 601,828 equity shares
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