Ola Electric Mobility CEO Bhavish Aggarwal owns a 30.02% stake, which amounts to 1,32,39,60,029 shares in the company, which is worth about Rs 21,000 crore as of Tuesday, as the stock doubled from the IPO issue price.
Aggarwal holds 1,32,39,60,029 shares in the Ola Electric Mobility issue. At the day's high, Aggarwal's stake in Ola was worth Rs 20,856 crore or $2.48 billion.
Ola Electric Mobility, based in Bengaluru, was founded in 2017. It manufactures electric vehicles and components such as battery packs, motors, and vehicle frames at the Ola Futurefactory.
HSBC recently initiated coverage on Ola Electric with a 'Buy' rating, despite their sceptical view on EV penetration in India. Since the report, Ola Electric Mobility shares have exceeded HSBC's target of Rs 140 and rose by 7.87 per cent to reach Rs 157.53 on Tuesday.
"Despite our conservative view on EV penetration in India along with other uncertainties, we believe Ola is worth investing in," HSBC recently said in its report while recommending buy-worthy shares.
HSBC believes Ola’s battery venture holds promise, with the potential to produce batteries at a lower cost and expects regulatory support to continue for two to three years.
To recall, Aggarwal also sold 37,915,211 Ola Electric Mobility Ltd shares in the offer for sale at Rs 76 a piece, worth Rs 288 crore. Adding the Ola stake sale, he was worth Rs 21,144 crore today.
Social Media Reaction:
Online users expressed enthusiasm over Aggarwal's meteoric increment in personal wealth.
One user wrote, "Yo, check this out! Bhavish Aggarwal, the genius behind Ola Electric, is about to become one of the youngest billionaires in the game. At just 38, he's set to stack up nearly $1.2 billion, making his total net worth a jaw-dropping $2.3 billion. Just like how my gold business transformed into a powerhouse, Ola Electric’s public listing is turning Aggarwal’s dreams into reality. With shares hitting ₹76 each, it's clear—this electric revolution is gold, and Aggarwal's riding high on the fortune wave!"
Another user commented, "The Ola Electric's public listing is set to cement Bhavish Aggarwal's position as one of the world’s youngest billionaires."
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