The shares of the Bhavish Aggarwal-led Ola Electric plunged as much as 4% to INR 105.10 apiece during the intraday trading session on the BSE
The shares of the company witnessed a huge rally. The stock hit a record high of INR 157.53 on August 20
The company’s public issue was oversubscribed 4.27X, with the strongest interest received from qualified institutional buyers (QIBs)
Shares of Bhavish Aggarwal-led Ola
Electric plunged as much as 4% to INR 105.10 apiece during the intraday trading session on the BSE today (September 9) as its one-month share lock-in period ended today.
Following the expiration of the lock-in period, around 18.18 Cr shares, or 4% of the company’s outstanding equity, will become eligible for trading, according to a note from Nuvama Alternative and Quantitative Research.
On August 9, Ola Electric Mobility’s shares made a flat debut on the bourses as the stock got listed at INR 75.99 on the BSE, same as the issue price.
However, after the flat listing, shares of the company witnessed a huge rally. The stock hit a record high of INR 157.53 on August 20.
On the final day of bidding, the company’s public issue was oversubscribed 4.27X, with the strongest interest received from qualified institutional buyers (QIBs).
It is pertinent to note that Ola Electric’s consolidated net loss widened 30% to INR 347 Cr in the June quarter of the financial year 2024-25 (Q1 FY25) from INR 267 Cr in the year-ago quarter. With its EV 3W bet, the company will look to chart a course to profitability.
On the back of a robust growth in its vehicle sales, Ola Electric’s operating revenue jumped over 90% to INR 5,009.8 Cr during the year under review from INR 2,630.9 Cr in FY23, as per the company’s red herring prospectus (RHP) filed on July 26.
This comes at a time when Ola electric has been foraying into newer segments, along with a slew of developments.
For instance Ola Electric is gearing up to enter the electric three-wheeler (3W) market to take on the likes of Euler Motors, Piaggio, Mahindra Electric, among others.
Apart from the passenger version, Ola Electric is also expected to launch a goods carrier variant of its 3W EV to cater to its diverse clientele, as per the report.
