Ola Electric Shares Surge After IPO Listing
Ola Electric Mobility's shares have seen a significant rise following their recent listing on the stock market. After debuting on Dalal Street at Rs 76 per share, the stock surged 20% on its first day of trading, closing at Rs 91.20. This momentum continued, with the shares hitting the upper circuit limit of 20% again on the following Monday, bringing the stock price to Rs 109.44.
This sharp increase in the stock price has raised the company's market capitalization to over Rs 48,250 crore. The strong performance came despite the stock's initial muted debut, reflecting investor confidence in the electric vehicle (EV) sector.
Ola Electric Mobility, founded in 2017, is known for being the largest seller of electric two-wheelers (E2Ws) in India as of fiscal 2024. The company specializes in manufacturing electric vehicles and essential components, including battery packs, motors, and vehicle frames, at its Ola Futurefactory.
The company's initial public offering (IPO) was open for bidding from August 2 to August 6, 2024, with shares offered in a fixed price band of Rs 72-76 per share. The IPO was subscribed 4.27 times, raising a total of Rs 6,145.56 crore.
Ola Electric's rapid stock price increase highlights the positive outlook for the EV market and the company's potential within this growing sector.
Disclaimer -- there is no investment advice this article is only for information purpose