Shares of Ola Electric saw a substantial surge of 20% after a flat initial listing on the stock exchanges. The company's public debut on August 9 marked a key moment for the Indian electric vehicle (EV) industry, highlighting both the company's growth and the increasing interest in EV investments.
Bhavish Aggarwal, the visionary founder of Ola Electric, has emerged as one of India's youngest billionaires thanks to this successful listing. Before the IPO, Aggarwal held a significant 36.94% stake in the company. Following the listing, this stake is now valued at approximately Rs 12,104 crore, or around $1.44 billion, underscoring the enormous market value of Ola Electric.
Despite the initial listing being relatively flat, the subsequent 20% increase in share price provided notable gains for early investors and highlighted the market’s confidence in Ola Electric’s long-term potential. Aggarwal took to X (formerly Twitter) to reflect on the importance of the day and the hard work that led to this moment. He commented, "The importance of today, this moment is finally sinking in. It felt like a process till yesterday - where we did our work put in our time and made India one of the largest EV 2W markets. Our hard work has paid off and the world recognizes that." This statement conveys a profound sense of achievement and pride in the company's journey and its contribution to the EV sector.
Aggarwal also addressed the responsibility that comes with such a milestone, emphasizing his commitment to future aspirations and stewardship of public trust. He said, "Today it feels like an important duty, a responsibility to double down on our aspirations and to build the country of our dreams. To be dedicated and faithful custodians of public money and faith.” This reflects his determination to ensure that the company's growth continues to align with its mission and the expectations of its investors.
Ola Electric’s IPO, which ran from August 2 to August 6, was priced between Rs 72 and Rs 76 per share. The company successfully raised a total of Rs 6,145.56 crore through the IPO. This figure includes Rs 5,500 crore from new share sales and an offer-for-sale (OFS) of up to 8,49,41,997 shares. The impressive funds raised demonstrate robust investor interest and optimism about Ola Electric’s future.
Even with this significant achievement, Aggarwal remains focused on the future and the ongoing journey of the company. He emphasized, "Our destination is still far ahead and we didn’t come this far, to just come this far." This forward-looking perspective highlights his commitment to continued innovation and growth in the electric vehicle sector, aiming to further solidify Ola Electric’s position in the market and drive future success.
