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SoftBank-backed Ola Electric lists at 10% premium

The Arc Web · 8m

Ola Electric's IPO saw its shares rise 10% on the first day of trading, peaking at Rs 83.8 against an IPO price of Rs 76. The company's market cap reached close to Rs 36,900 crore, about 10% higher than the IPO valuation but still lower than its previous private valuation. Founder Bhavish Aggarwal and his family now own 33% of the company, making him a billionaire with over $1.45 billion in liquid stock. Early backers, including Tiger Global and SoftBank, have also begun offloading their shares.