Last Updated on 12/08/2024 by wccexam Desk
Ola Electric share price: After a quiet listing, the stock of this company has exploded for the second consecutive day. Ola Electric Mobility’s stock also hit an upper circuit of 20 per cent on Monday. Investors have got a return of more than 40 per cent 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 now.
In fact, on Monday, the share of Ola Electric has increased by 20% to Rs 109.44. Earlier, on the day of listing i.e. 9 August, this stock had an upper circuit of 20 percent. After the 20 percent upper circuit for the second consecutive day, the market cap of the company has increased to Rs 48,272 crore.
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The IPO got a 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, the stock suddenly rose on the same day and the stock rose 20 percent to 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. In three trading days, this IPO was subscribed a total of 4.45 times. It was subscribed 4.05 times in the retail category, 5.53 times in qualified institutional buyers (QIB) and 2.51 times in the non-institutional investors (NII) category.
The anchor investors in the IPO included Nomura, HDFC Mutual Fund and SBI Mutual Fund. During the IPO, the company’s promoter Bhavish Aggarwal 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 founded 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, please seek the help of a financial advisor)
Source (PTI) (NDTV) (HINDUSTANTIMES)