Shares of electric scooter manufacturing company Ola Electric Mobility were listed in the stock market this month and it has doubled the investors’ money in just 6 trading days. On Monday, Ola Electric’s shares ran wild and rose 10 percent as soon as the market opened. The company’s stock has registered a jump of 92 percent in these six days.
New high level touched as soon as the market opened
With the start of trading in the stock market on Monday, there was a tremendous rise in the shares of Ola Electric. Compared to its previous closing, this stock opened at Rs 139.15 and in just a few minutes of trading, it opened at Rs 139.15. Upper circuit of 100 per cent was reached and it reached the level of Rs 146.03, which is the new all-time high level of Ola Electric Share. After its strong debut in the stock market, it has been in the upper circuit continuously except for a day or two.
Upper circuit took place 4 days out of six
The shares of Ola Electric Mobility were listed in the stock market on 9 August 2024. In such a situation, its price has increased by 92 percent in just 6 trading sessions. The special thing is that after being listed in the share market, this stock has been in upper circuit for 4 days out of six. It is noteworthy that the shares of Ola Electric were listed at Rs 76 and till now it has increased by Rs 67.
Market value increased as shares rose
As the shares of Ola Electric are gaining momentum, the market capitalization of the company is also increasing at the same pace. After the completion of the upper circuit on Monday, the market cap of the company has increased to more than Rs 64,400 crore. Ola Electric IPO was opened on 2nd August and closed on 6th August. It was subscribed 4.05 times in the retail category, 5.53 times in the Qualified Institutional Buyers (QIB) and 2.51 times in the Non-Institutional Investors (NII) category.
The company was started in 2017
Anchor investors in the IPO included Nomura, HDFC Mutual Fund and SBI Mutual Fund. During the IPO, the company’s promoter Bhavish Aggarwal had sold 37,915,211 shares at a price of Rs 76 per share. With the listing of this company’s IPO in the stock market, the company’s founder Bhavish Aggarwal became a billionaire. Let us tell you that Bengaluru based Ola Electric Mobility was established in the year 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future Factory. As of March 31, 2024, the company had 959 employees (907 permanent and 52 freelancers).
(Note- Before making any kind of investment in the stock market, definitely take advice from your market experts.)