Bhavish Aggarwal set to offload 3.48% stake as part of Ola Electric's IPO

Ola Electric founder Bhavish Aggarwal will sell 47.4 million shares in the SoftBank-backed firm, contributing almost half of the OFS

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