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  5. Ola Electric shares hit 10% upper circuit; m-cap hovers around ₹52,200 crore on BSE

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Ola Electric shares hit 10% upper circuit; m-cap hovers around ₹52,200 crore on BSE

Upstox
By Upstox News Desk

2 min read | Updated on September 17, 2024, 14:00 IST

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SUMMARY

On August 9, Ola Electric Mobility's shares made a flat debut on the bourses as the stock got listed at ₹76 on the National Stock Exchange (NSE), same as the issue price. However, after the flat listing, the scrip witnessed a huge rally. The stock hit a record high of ₹157.53 on August 20. 

Stock list

OLAELEC
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The company's ₹6,145-crore initial public offering (IPO) was overall subscribed 4.27 times.

The company's ₹6,145-crore initial public offering (IPO) was overall subscribed 4.27 times.

Ola Electric Mobility share price: Shares of Ola Electric Mobility were locked in the 10% upper circuit limit of ₹118.40 apiece on the BSE in the afternoon deals on Tuesday, September 17, amid reports two major global brokerages have initiated coverage on the stock.

Last seen, the market capitalisation of the company stood at ₹52,224.23 crore on the BSE.

On August 9, Ola Electric Mobility's shares made a flat debut on the bourses as the stock got listed at ₹76 on the National Stock Exchange (NSE), same as the issue price.

However, after the flat listing, the scrip witnessed a huge rally. The stock hit a record high of ₹157.53 on August 20. 

The company's ₹6,145-crore initial public offering (IPO) was overall subscribed 4.27 times.

The initial share sale had a price band for the offer at ₹72 - ₹76 a share.

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The IPO, the first by an electric vehicle maker, had a fresh issue of up to ₹5,500 crore and an offer-for-sale (OFS) of up to 8,49,41,997 equity shares.

The company's one-month share lock-in period ended on September 9. 

After its stock listing, Ola Electric Mobility in August reported a jump in revenue from operations in the April-June quarter of FY25 at ₹1,644 crore against ₹1,243 crore revenue recorded in the same quarter of the previous fiscal.
Earlier this month, Bhavish Aggarwal, the company's Managing Director (MD) told CNBC-TV18, that Ola Electric Mobility will launch its electric three-wheeler in the "market soon." Aggarwal confirmed to the channel that his company has been working on a three-wheeler, and the industry has been on his radar since the beginning of Ola Electric.
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Last month, the Ola Electric CEO said the company has shelved plans to make electric cars.

In an interview with news agency PTI, he said, "We are not working on it right now. Our vision is to build products relevant for India and build technologies to enable those products at scale and we're going in a sequence, two-wheelers and then other products".

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Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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