Ola Electric gains 20 pc on listing day, Aggarwal’s stake worth Rs 14,792 cr

The total turnover (BSE and NSE) on Day 1 stood at Rs 4,821.91 crore. The listing price was Rs 76 per share.

Ola promoter Bhavish Aggarwal made around Rs 288 crore in the offer for sale (OFS) last week. (File Photo)

Shares of EV player Ola Electric Mobility Ltd gained 20 per cent to hit the upper circuit on the exchanges on the listing day on Friday, valuing the company at Rs 40,218 crore.

The company’s share price closed at Rs 91.18 per share on the BSE, a 20 per cent premium as against the IPO price of Rs 76 per share. The company’s promoter Bhavish Aggarwal, who is also Chairman and Managing Director, holds 36.78 per cent stake in the company. At Friday’s closing price, founder Aggarwal has entered the billionaire’s club as his stake is worth Rs 14,792 crore, or around $ 1.76 billion.

Aggarwal made around Rs 288 crore in the offer for sale (OFS) last week.

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The total turnover (BSE and NSE) on Day 1 stood at Rs 4,821.91 crore. The listing price was Rs 76 per share.

“While entrepreneurs often receive the spotlight, it is the dedicated team and their supportive families who truly deserve the credit,”
said Aggarwal.

Ola Electric manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory. Its business focuses on capturing the opportunity arising out of electrification of mobility in India and also to export its EVs in select international markets in the future.