Ola Electric IPO lists at Rs 76, closes at Rs 91
Ola Electric Mobility listed at ₹76-the price at which the shares were sold in the recent initial public offering-on the BSE on Friday. Subsequently, the stock soared 20% to close at ₹91.2. At close on Friday, the two-wheeler electric vehicle maker had a market capitalisation of ₹40,218 crore.
Ola Electric said in an exchange filing it will present its June quarter earnings on August 14. The EV maker's ₹6,145.56crore initial public offering (IPO) was the largest in 2024 so far. It was priced between ₹72 and ₹76 a share. The IPO was subscribed 4.27 times.
Ola plans to use ₹1,227.64 crore from the fresh issue to expand the capacity of its cell manufacturing plant, ₹800 crore for repaying debt, ₹1,600 crore for research and product development, and ₹350 crore on expansion.
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