Shares of electric scooter maker Ola Electric Mobility were listed on the stock market this month and have doubled investors’ money in just 6 trading days. On Monday, Ola Electric’s stock soared and rose 10 per cent as soon as the market opened. The company’s stock has registered a jump of 92 per cent in these six days.
A new high level was touched as soon as the market opened
As soon as the trading started in the stock market on Monday, Ola Electric’s stock saw a tremendous rise, compared to its previous close, the stock opened with a strong rise at Rs 139.15 and within just a few minutes of trading, it got an upper circuit of 10 percent and reached the level of Rs 146.03, which is the new all-time high level of Ola Electric Share. Since its strong debut in the stock market, it has been continuously getting an upper circuit except for one or two days.
Upper circuit was applied for 4 out of 6 days
The shares of Ola Electric Mobility were listed in the stock market on 9 August 2024. In such a situation, so far its price has jumped by 92 percent in just 6 trading sessions. The special thing is that after being listed in the share market, this stock has hit an upper circuit for 4 days in six days. It is worth noting that the shares of Ola Eletric were listed at a price of Rs 76 and till now it has jumped by Rs 67.
Market value increased as shares rose
The market capitalization of the company is also increasing at the same pace as the stock of Ola Electric is gaining momentum. After the upper circuit on Monday, the market cap of the company has increased to more than Rs 64,400 crore. Ola Electric IPO opened on 2 August and closed on 6 August. It was subscribed 4.05 times in the retail category, 5.53 times in qualified institutional buyers (QIB) and 2.51 times in the non-institutional investors (NII) category.
The company was started in 2017
Anchor investors in the IPO included Nomura, HDFC Mutual Fund and SBI Mutual Fund. During the IPO, the company’s promoter Bhavish Aggarwal sold 37,915,211 shares at a price of Rs 76 per share. With the listing of this company’s IPO in the stock market, the company’s founder Bhavish Aggarwal became a billionaire. Let us tell you that Bengaluru-based Ola Electric Mobility was founded in the year 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future Factory. As of March 31, 2024, the company had 959 employees (907 permanent and 52 freelancers).
(Note- Before making any kind of investment in the stock market, please take advice from your market experts.)
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