Ola Electric Mobility Ltd’s stock experienced a significant surge of 17% following its muted market debut, propelling the company’s founder Bhavish Aggarwal into the ranks of India’s billionaires. Aggarwal, who holds a substantial 36.94% stake in the company, saw his net worth soar to approximately ₹12,104 crore (about $1.44 billion) as a result of the rally.

The Ola Electric IPO, which ran from August 2 to August 6, was priced between ₹72 and ₹76 per share. Despite an initial subdued performance, the stock’s impressive 17% increase post-listing highlights strong investor confidence and enthusiasm for the electric mobility sector.

Bhavish Aggarwal’s substantial shareholding—amounting to 1,36,18,75,240 shares—has now significantly boosted his financial standing, marking his entry into India’s elite group of billionaires. The stock’s rally reflects not only the market’s optimistic outlook on Ola Electric but also the growing traction and investment potential within the electric vehicle industry.

The successful IPO and subsequent stock performance underscore Ola Electric’s position as a prominent player in the electric mobility space, signaling robust future growth prospects. As the company continues to expand its footprint in the electric vehicle market, Aggarwal’s newfound billionaire status is a testament to both his vision and the company’s potential.