Business
Crypto
Markets
INDIA
Stocks
Shares of newly listed Ola Electric Mobility surged 20 percent to reach an upper circuit of Rs 109.44 apiece on August 12, continuing their gains for a second consecutive session. This follows another 20 percent rally that triggered the upper circuit on its market debut on August 9. In terms of volumes, 14 crore shares changed hands in the morning, compared to 57 crore shares traded on August 9.
The company raised Rs 2,763 crore from anchor investors on August 1, including domestic mutual funds, life insurance companies, and foreign funds. The Bhavish Aggarwal-led company will announce its Q1 results on August 14. This will be the first board meeting since listing, where the unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, will be considered and approved.
Ola Electric is preparing to unveil its first electric motorcycle on Independence Day. Though official details remain undisclosed, the company has been developing an electric motorcycle for some time. Last August, Ola introduced concept electric motorcycles, including the Diamondhead, Adventure, Roadster, and Cruiser models.
Of the total anchor allocation, 40 percent went to domestic mutual funds, while global investment firms received around 54 percent. Among domestic mutual funds, SBI MF, HDFC MF, and Nippon India MF secured relatively higher allotments.
The IPO comprised a fresh issue of Rs 5,500 crore by the company and an offer-for-sale of 8.49 crore shares worth Rs 645.6 crore by existing shareholders, including founder Bhavish Aggarwal. By about 9:50 am, shares of Ola Electric were trading at Rs 105, up 15 percent on the NSE.
