Shares of electric scooter manufacturing company Ola Electric Mobility have been making waves since their listing in the stock market. In just 7 trading days, the amount invested in this stock has doubled. On one hand, the stock is hitting upper circuit every day, on the other hand, 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 was 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 2nd August this month, the shares of the company were listed on 9th August. Since the listing, there has been a strong rise in Ola Electric Share and it has hit upper circuit four times in seven days. During this period, the share price jumped by about 107 percent i.e. the investors’ money doubled. Its IPO price was Rs 76, which reached Rs 157.53.
CEO Bhavish Aggarwal’s net worth is this much
Ola Electric CEO Bhavish Aggarwal has benefited greatly from the rise in the company’s shares after its market debut. Actually, Bhavish Aggarwal holds 30.02 percent stake in Ola Electric Mobility. According to the report, he holds 1,32,39,60,029 shares of Ola Electric Mobility and accordingly his stakeholding value has become Rs 20,856 crore or $2.48 billion. The boom of Ola Electric shares on Dalal Street is the major reason behind this huge surge in Bhavish Aggarwal’s wealth.
The price crossed the brokerage target
HSBC had recently given a positive reaction on the shares of Ola Electric by giving it a Buy rating and while starting the coverage had said that considering the increasing scope of Electric Vehicle (EV) in India, it seems that it is appropriate to invest in Ola. HSBC had set a target of Rs 140 for this share. After the release of this report on August 15, the share price has now gone even further and crossed Rs 157.
IPO got such a response
Bengaluru-based Ola Electric Mobility was established 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 the Qualified Institutional Buyers (QIB) and 2.51 times in the Non-Institutional Investors (NII) category.
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