Initial Public Offering (IPO) for Ola Electric kicks off, recording a 19.97% increase in opening price

Ola Electric, India's leading electric vehicle manufacturer, made a successful stock market debut today at the Bombay Stock Exchange. The company's initial public offering (IPO) was heavily oversubscribed, with a total subscription of 4.27 times.

The oversubscription was led by Qualified Institutional Buyers (QIBs) and retail investors, with QIBs oversubscribing by 5.31 times and retail investors by 3.92 times. This strong demand for Ola Electric's shares is a testament to the growing interest in the electric vehicle sector.

On its first day of trading, Ola Electric's stock hit the upper circuit, surging 19.97% above its initial public offering price of ₹76. By midday trading, the stock was locked at ₹91.2 per share on the National Stock Exchange.

The IPO included fresh shares and an offer for sale from existing investors. Notable early investors in Ola Electric, such as SoftBank, were among the largest subscribers to the IPO. Other investors like Tiger Global and Accel partially exited during pre-IPO secondary sales.

The surge in Ola Electric's stock price during its first day of trading is a clear indication of the market's enthusiasm for the company's growth potential. The strong performance of Ola Electric's stock throughout the day and its maintenance of the upper circuit is a positive sign for the electric vehicle sector in India.

In conclusion, Ola Electric's successful IPO and bullish stock performance are a significant step forward for the electric vehicle industry in India. The company's strong debut is a testament to the growing interest in electric vehicles and the potential for growth in this sector.

Initial Public Offering (IPO) for Ola Electric kicks off, recording a 19.97% increase in opening price