Ola Electric Shares Surge 20% On Second Day Of Gains, Hit Upper Circuit

Ola Electric Shares: The firm had raised Rs 2,763 crore from anchor investors on August 1, with domestic mutual funds, life insurance companies, and foreign funds participating in the anchor allotment

Ola Electric's IPO included a fresh issue of Rs 5,500 crore and an offer-for-sale of 8.49 crore shares worth Rs 645.6 crore by existing shareholders, including founder Bhavish Aggarwal.

Source : OLA Electric

Ola Electric Shares: Shares of newly listed Ola Electric Mobility surged by 20 per cent on August 12 (Monday), reaching an upper circuit of Rs 109.44 per share. This marks the second consecutive session of gains for the company, following another 20 per cent rally that triggered the upper circuit on its market debut on August 9.

Trading volumes saw a dip, with 14 crore shares changing hands in the morning session, compared to 57 crore shares traded on August 9. The company had previously raised Rs 2,763 crore from anchor investors on August 1, with domestic mutual funds, life insurance companies, and foreign funds participating in the anchor allotment.

At 11.55 am, shares of Ola Electric Mobility were trading at Rs 109.41 apiece, rising 19.99 per cent on the BSE on Monday.

Ola Electric, led by Bhavish Aggarwal, is set to announce its Q1 financial results on August 14, 2024. The company will hold its first board meeting since listing on the same day, where it will consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2024.

In addition to its financial results, Ola Electric is also preparing to unveil its first electric motorcycle on Independence Day. While details remain under wraps, the company has been working on the project for some time, having showcased concept electric motorcycles in August last year, including models like Diamondhead, Adventure, Roadster, and Cruiser.

Of the total anchor allocation, 40 per cent was allocated to domestic mutual funds, with global investment firms receiving around 54 per cent. Among the domestic mutual funds, SBI MF, HDFC MF, and Nippon India MF secured relatively higher allotments in the anchor portion.

The company's IPO included a fresh issue of Rs 5,500 crore and an offer-for-sale of 8.49 crore shares worth Rs 645.6 crore by existing shareholders, including founder Bhavish Aggarwal.