Ola Electric Mobility shares jump 20 pc to hit upper circuit limit after flat market debut

CHENNAI: Shares of Bhavish Aggarwal-led electric two-wheeler company Ola Electric Mobility Ltd 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 on Friday.

The stock made its debut at Rs 75.99, marginally down by 0.01 per cent from the issue price on the BSE. The stock made a smart comeback and jumped 19.97 per cent to Rs 91.18 - the upper circuit limit.

At the NSE, shares of the firm listed at par with the issue price of Rs 76. Later, the stock soared 20 per cent to Rs 91.20 - its upper circuit limit, in a remarkable comeback.

The company’s market valuation stood at Rs 40,217.95 crore. The Rs 6,145-crore initial public offer of Ola Electric Mobility received 4.27 times subscription on the final day of bidding on Tuesday.

The initial share sale had a price band at Rs 72-76 a share.

The Initial Public Offering (IPO), the first by an electric vehicle maker, 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.

As per NSE, the total quantity traded stood at 5245.21 lakh shares, on BSE the total quantity stood at 475.83 lakh shares. Total turnover (BSE+NSE) on day 1 stood at Rs 4821.91 crore.

Bhavish Aggarwal, CMD, Ola Electric Mobility, said at the listing ceremony “While entrepreneurs often receive the spotlight, it is the dedicated team and their supportive families who truly deserve the credit”.

Ola Electric manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola futurefactory.

Ola has a futurefactory, gigafactory and a battery innovation centre in Bengaluru, whereas it is in the process of building its EV hub in Krishnagiri and Dharmapuri districts in Tamil Nadu.