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  1. Ola Electric Share Price Highlights: Stock hits 20% upper circuit after flat D-street debut; check details

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Ola Electric Share Price Highlights: Stock hits 20% upper circuit after flat D-street debut; check details

Upstox

4 min read | Updated on August 12, 2024, 10:23 IST

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SUMMARY

Ola Electric share price: Ola Electric IPO was a fresh issue of shares worth ₹5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares. The price band was fixed at ₹72-76 per share.

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Established in 2017, Ola Electric Mobility Limited manufactures Electric Vehicles (EVs) and EV components like battery packs, motors, and vehicle frames.

Ola Electric Share Price Live Update at 3:35 pm: Shares of Ola Electric surged by 20% on Friday, reaching the upper circuit limit on their first day of listing.
Ola Electric Share Price Live Update at 2:58 pm: Trade information
  • Traded volume (Lakhs):
  • Traded value: ₹4,417.8 crore
  • Total m-cap: ₹40,226.7 crore
Ola Electric Share Price Live Update at 2:14 pm: Bhavish Aggarwal enters billionaire club
With Ola Electric shares rising 20%, Bhavish Aggarwal, who held 1,36,18,75,240 shares pre-listing was valued at ₹12,420 crore (over $1.5 billion). To know what he said said after Ola Electric listing, CLICK HERE.
Ola Electric Share Price Live Update at 1:35 pm: Trading stats
  • Current price: ₹91.2 (+20%)
  • Open: ₹76
  • High: ₹91.2
  • Low: ₹76
  • Total m-cap: ₹40,226.77 crore
Ola Electric Share Price Live Update at 12:50 pm: Shares of Ola Electric Mobility Limited hit 20% upper circuit to trade at ₹91.2 on Friday after listing at par with the issue price of ₹76.
Ola Electric Share Price Live Update at 12:02 pm: The total market capitalisation of Ola Electric Mobility Limited stands at ₹39,626.9 crore.
Ola Electric Share Price Live Update at 11:35 am: Trading stats
  • Current price: ₹90.7 (+19.4%)
  • Open: ₹76
  • High: ₹90.8
  • Low: ₹76
Ola Electric IPO Listing Live Update at 11:01 am: Shares of electric two-wheeler company Ola Electric jumped 17.2% after the listing. On the NSE, shares of the firm listed at par with the issue price of ₹76.
Ola Electric IPO Listing Live Update at 10:28 am: Trading stats
  • Current price: ₹86.6 (+14%)
  • Open: ₹76
  • High: ₹87
  • Low: ₹76
Ola Electric IPO Listing Live Update at 10:08 am: Following the listing, Ola Electric shares rose 6.1% to trade at ₹80.6 on the NSE.
Ola Electric IPO Listing Live Update at 10:00 am: Ola Electric Mobility shares made a flat debut, listing at ₹76 on the National Stock Exchange. The stock opened at ₹75.99, down 0.01%, on the BSE.
Ola Electric IPO Listing Live Update at 9:33 am: Shares of Ola Electric Mobility Ltd will list on the NSE and BSE at 10 am today.
Ola Electric IPO Listing Live Update at 9:11 am: How will the EV maker use the funds?

For Ola Electric, the initial share sale will provide the impetus to invest in expanding cell manufacturing capacity and research and development (R&D) on future technologies and products.

Ola Electric Mobility Ltd (OEML) plans to use ₹1,227.6 crore on capacity expansion of its cell manufacturing plant. The company will utilise ₹1,600 crore on R&D, ₹800 crore will be deployed to repay debts and ₹350 crore for organic growth initiatives.

In its IPO documents, OEML said the Phase 1 (a) and Phase 1 (b) of the set up and expansion of the Ola Gigafactory at Krishnagiri district in Tamil Nadu will be funded from internal accruals and long-term borrowings availed by its arm Ola Cell Technologies Pvt Ltd (OCT).

The company said a part of the proceeds will be used for capital expenditure to be incurred by OCT for expansion of the capacity of cell manufacturing plant from 5 GWh to 6.4 GW

Ola Electric IPO Listing Live Update at 8:32 am: Shares of Ola Electric will debut on stock exchanges—the National Stock Exchange and the BSE—on Friday, August 9, at 10 am.
Ola Electric IPO Listing LIVE: Ola Electric Mobility IPO got subscribed 4.27 times during the three-day bidding window from August 2 to August 6. It received bids for over 198 crore shares as against 46.51 crore shares on offer.

The qualified institutional buyers (QIBs) category fetched 5.31 times the subscription while the quota for retail investors garnered 3.92 times the subscription. The part reserved for non-institutional investors (NIIs) got 2.40 times subscription.

The IPO was a fresh issue of shares worth ₹5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares. The price band was fixed at ₹72-76 per share.

Under the OFS, Ola Electric founder and CEO Bhavish Aggarwal is divesting around 3.8 crore shares.

Prior to the IPO, the company had raised ₹2,763 crore in the anchor round from investors including SBI Mutual Fund (MF), Nippon India MF, HDFC MF, Bharti Axa Life Insurance Company, Nomura India Investment Fund, Kotak Mahindra Life Insurance Company, Goldman Sachs (Singapore) Pte Ltd, and Fidelity.

To know more about IPOs listing, schedule and upcoming IPOs, click here.

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