Ola Electric Mobility shares jump 20 percent
CHENNAI Chennai: Shares of Bhavish Aggarwal-led electric two-wheeler company Ola Electric Mobility Ltd on Friday surged 20 per cent to hit the upper circuit limit against the issue price of Rs 76 after listing on a flat note earlier in the day. The stock made its debut on the BSE at Rs 75.99, a marginal drop of 0.01 per cent from the issue price. The stock made a spectacular comeback and jumped 19.97 per cent to Rs 91.18 – the upper circuit limit. On the NSE, the firm’s shares listed at Rs 76. Later, the stock made a remarkable comeback and gained 20 per cent to Rs 91.20 – its upper circuit limit. The company’s market valuation stood at Rs 40,217.95 crore. Ola Electric Mobility’s Rs 6,145-crore initial public offering was subscribed 4.27 times on the last day of bidding on Tuesday.
The price band of the initial share sale was Rs 72-76 per share.The first initial public offering (IPO) by the electric vehicle manufacturer had a fresh issue of up to Rs 5,500 crore and an offer for sale (OFS) of up to 8,49,41,997 equity shares.According to NSE, total turnover stood at 5245.21 lakh shares, while total turnover on BSE stood at 475.83 lakh shares. Total turnover (BSE+NSE) on the first day stood at Rs 4821.91 crore.Bhavish Aggarwal, CMD, Ola Electric Mobility said at the listing ceremony, “While entrepreneurs are often given the limelight, it is the dedicated team and their supportive family that truly deserves the credit.” Ola Electric manufactures EVs and some of the core EV components such as battery packs, motors and vehicle frames at Ola Futurefactory. Ola has a Futurefactory, Gigafactory, and a Battery Innovation Centre in Bengaluru, while it is in the process of building its EV hubs in Krishnagiri and Dharmapuri districts of Tamil Nadu.
