Ola Electric share price: After a quiet listing, the shares of this company have exploded for the second consecutive day. Shares of Ola Electric Mobility hit upper circuit of 20 percent on Monday also. Investors have got returns of more than 40 percent in two days.
Let us tell you, Ola Electric is also gearing up for its first electric motorcycle. It is being said that this bike can be launched on Independence Day. The company has been working on electric bikes for quite some time.
In fact, on Monday, Ola Electric shares increased by 20% to Rs 109.44. Earlier, on the day of listing i.e. 9th August, this stock had an upper circuit of 20 percent. After 20 percent upper circuit for the second consecutive day, the market cap of the company has increased to Rs 48,272 crore.
IPO got cold response
It is known that Ola Electric shares were listed on BSE on Friday at Rs 75.99, down 0.01% from its issue price. After that, there was a sudden rise in the share on the same day and the share increased by 20 percent to reach Rs 91.18.
Ola Electric had fixed the price band of its IPO at Rs 72-76. Retail investors could bid for a minimum of one lot i.e. 195 shares. This IPO was open for investors from August 2 to August 6. This IPO was subscribed a total of 4.45 times in three trading days. 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.
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.
about the company
Bengaluru-based Ola Electric Mobility was established in 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 investing in the stock market, definitely take the help of a financial advisor)