Ola Electric Mobility Limited, led by Bhavish Aggarwal, has launched its initial public offering (IPO) today, August 2. The SoftBank-backed company aims to raise approximately ₹6,145.56 crore through this offering, marking it as India’s largest IPO of 2024 to date.
Ola Electric, which holds a significant 35% share of the Indian electric two-wheeler market, has set a price band of ₹72 to ₹76 per share for its IPO. The offer includes a total of 723,684,210 equity shares valued at around ₹5,500 crore. The funds raised will be allocated towards debt reduction, expanding its gigafactory, supporting organic growth, advancing research and development, and covering general corporate expenses.
Promoters Bhavish Aggarwal and Indus Trust are set to offload 37,915,211 and 4,178,996 equity shares, respectively. Bhavish Aggarwal, currently holding 1,361,875,240 equity shares, represents 36.94% of the company’s issued and paid-up equity. Should the shares be issued at the higher end of the price band, ₹76, Aggarwal could earn approximately ₹288.15 crore from the public offering.
The IPO represents a significant milestone for Ola Electric as it continues to expand its footprint in the electric vehicle sector.