Ola Electric Surges Post-IPO with Massive Gains

Shares of electric two-wheeler company, Ola Electric Mobility Ltd, soared 20% to hit the upper circuit limit, continuing their impressive rally since the IPO. The IPO, raising Rs 6,145 crore, witnessed strong demand with a 4.27 times subscription rate. The company plans to use the proceeds for capacity expansion, R&D, debt repayment, and growth.

Shares of Bhavish Aggarwal-led Ola Electric Mobility Ltd surged 20% on Monday, continuing their listing-day rally and hitting the upper circuit limit.

The stock peaked at Rs 109.41 on the BSE and Rs 109.44 on the NSE, propelling the company's market valuation to Rs 48,258.89 crore.

Following their IPO debut on Friday, where shares hit the limit at an opening price of Rs 76, the Rs 6,145-crore public offering was 4.27 times oversubscribed. Funds are earmarked for scaling manufacturing capacity, R&D, debt reduction, and organic growth initiatives.