Ola Electric Shares Jump Over 18% Intraday To Touch Fresh High Since Listing

Shares of electric vehicle major Ola Electric surged over 18% to touch an intraday high of INR 130 apiece on the BSE today (August 13). This marks a new share high for the company since its market debut on August 9. 

However, the stocks pared some gains to end at INR 114.58 per share at 12.16 PM, up 4.9% from the previous close.

It is pertinent to note that Ola Electric made its public listing on BSE at INR 75.99 apiece as against its IPO issue price of INR 76 (at the upper price band). On the NSE, its shares opened flat at INR 76 apiece.

After muted listing on August 9, its shares rallied as high as INR 91.18 on the same day, up almost 20% from its listing price of INR 76. 

The company’s listing comes three days after it closed its initial public offering (IPO). The public issue was oversubscribed 4.27X on the final day of bidding, receiving bids for 198.79 Cr shares as against 46.51 Cr equity shares on offer.

The issue comprised a fresh issue of shares worth INR 5,500 Cr and an OFS component of 8.49 Cr shares, which led the EV manufacturer to raise over INR 6,145.6 Cr in total.

The stock rally comes on the sidelines of Ola Electric announcing that it is now gearing up for the launch of its electric bike on Independence Day (August 15).

Ola Electric’s net loss widened 7.6% to INR 1,584.4 Cr in the financial year 2023-24 (FY24) from INR 1,472.1 Cr in the previous year, even as the startup’s top line continued to surge.

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.

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