Bhavish Aggarwal, 38, the founder of Ola Electric, is set to offload 3.48 per cent of shares in an individual capacity (he has 1.36 billion) as part of the e-vehicle maker’s initial public offering (IPO).
Aggarwal will sell around 47.4 million in the SoftBank-backed company, ahead of the firm’s IPO, contributing almost half the offer for sale (OFS) shares, according to the analysis of the 440-page draft red herring prospectus (DRHP).
His pre-IPO shareholding in the company is 36.94 per cent.
This is the first time that Aggarwal, a serial entrepreneur, is taking a company public. The firm is targeting a valuation in