Shares of electric scooter maker Ola Electric Mobility have been making a splash ever since it was listed in the stock market. In just 7 business days, the money invested in this stock has doubled. While the stock is hitting an upper circuit every day, it has also affected the net worth of the company’s CEO Bhavish Aggarwal. According to the report, his wealth has reached around Rs 21,000 crore.
The stock became a rocket as soon as it got listed in the market
First of all, let’s talk about the shares of Ola Electric, which recently debuted in the share market. After the IPO opened on August 2 this month, the company’s shares were listed on August 9. Since the listing, Ola Electric Share saw a strong rally and it hit an upper circuit four times in seven days. During this period, the share price jumped by about 107 percent, meaning the investors’ money doubled. Its IPO price was Rs 76, which reached Rs 157.53.
This is how much is the net worth of CEO Bhavish Aggarwal
Ola Electric CEO Bhavish Aggarwal has benefited tremendously from the rise in the company’s stock after its market debut. In fact, Bhavish Aggarwal has a 30.02 percent stake in Ola Electric Mobility. According to the report, he has 1,32,39,60,029 shares of Ola Electric Mobility and according to this, his stakeholding value has become Rs 20,856 crore or $ 2.48 billion. The big reason behind this huge jump in Bhavish Aggarwal’s wealth is the explosion of Ola Electric shares on Dalal Street.
The price also crossed the brokerage target
HSBC recently gave a positive reaction to Ola Electric shares and gave it a Buy rating and while starting coverage, said that given the growing scope of Electric Vehicles (EV) in India, it seems that investing in Ola is appropriate. HSBC had set a target of Rs 140 for this stock. After the release of this report on August 15, the share price has now surpassed this and crossed Rs 157.
The IPO got such a response
Bengaluru-based Ola Electric Mobility was founded in 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future Factory. As of March 31, 2024, the company had 959 employees (907 permanent and 52 freelancers). Ola Electric had fixed the price band of its IPO at Rs 72-76. Retail investors could bid for a minimum of one lot i.e. 195 shares. This IPO was open for investors from August 2 to August 6. This IPO was subscribed a total of 4.45 times. It was subscribed 4.05 times in the retail category, 5.53 times in qualified institutional buyers (QIB) and 2.51 times in the non-institutional investors (NII) category.
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