Shares of Ola Electric Mobility Ltd. surged above 20% for the second consecutive day on Monday as investors continued to show interest in India's first publicly listed pure-play electric two-wheeler maker.
The company's stock debuted in the secondary market on Friday and soon hit the ceiling. The issue price was Rs 76 per share, but it closed at Rs 91.2.
The initial public offering was subscribed 4.27 times on the final day, led by the portion reserved for employees and qualified institutional investors. The IPO of the electronic scooter manufacturer raised Rs 6,145.6 crore with a fresh issue of 72.4 crore shares and an offer-for-sale of 8.49 crore shares.
Founder Bhavish Aggarwal offloaded 3.8 crore shares, while investors SoftBank Group Corp. and Tiger Global sold 2.4 crore and 65 lakh shares, respectively.
Shares of Ola Electric rallied as much as 40% in two days. The stock hit the limit at Rs 109.44 apiece at 10:35 a.m. on Monday. The benchmark NSE Nifty 50 was trading 0.1% lower.
The Bengaluru-based company specialises in electric scooters. It was founded in 2017 and apart from scooters, it also makes certain core components for electric vehicles, such as battery packs, motors, and vehicle frames, at the Ola Future Factory.
The company focusses on developing vertically integrated technology and manufacturing capabilities for EVs and their components, including cells.
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