Matrix Partners India Investments III, LLC held 12.66 Cr shares in the company at an weighted average price of INR 8.22 per equity share. It is selling 37.27 Lakh shares worth around INR 28.33 Cr as part of OFS
Tiger Global, via its Internet Fund III Pte Ltd, is also selling almost 63.61 Lakh shares worth INR 48.34 Cr
Ahead of its listing, Ola Electric's public issues received 4.27X subscriptions, lower that Street estimates, which suggests a flat or dicounted listing, as per an analyst
With the much-awaited public listing of two-wheeler EV major Ola Electric slated for Friday (August 9), two top global investors and early backers of the Bhavish Aggarwal-led startup, Tiger Global and Matrix Partners, are ready to make about 6.5X and 9.2X returns, respectively.Among the other selling shareholders in the IPO is Ola Electric founder and promoter Bhavish Aggarwal, who is expected to make INR 288.15 Cr by selling 3.79 Cr shares. Aggarwal will continue to hold 135.8 Cr equity shares of the company after the listing. Meanwhile, Tekne Private Ventures is set to make a 32.8% gain on its investment in the startup, while Alpine Opportunity Fund sold the shares at a 31.8% loss.Noting that the “much-hyped” IPO saw lower demand than the Street estimates, Prashanth Tapse, senior VP (research) at Mehta Equities, said there is a possibility that shares of Ola Electric list on the exchanges at the issue price or at a 5-10% discount.“Considering all the factors, we advise only risk-taking investors to continue to hold with a minimum holding period of two-three years,” he added. “The long-term story is intact but we may see a lot of ups and downs in the short term.”
Matrix Partners (rebranded as Z47) via Matrix Partners India Investments III, LLC held 12.66 Cr shares in the company at an weighted average price of INR 8.22 per equity share. As part of Ola Electric’s offer for sale (OFS) component during its initial public offering (IPO), the fund is selling 37.27 Lakh shares worth around INR 28.33 Cr. This would translate to a 9.2X return on its investment towards these shares.