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IPO · Mobility & Logistics

Ola Electric lists at ₹76, then climbs

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Ola Electric logo
Date
Company
Ola Electric
What it does
Electric scooters and battery cells
Kind
IPO
Amount
₹6,146 Cr
Stage
Listing
Based in
Bengaluru
Founded
2017
Sector
Mobility & Logistics

What they do

Ola Electric was India's largest electric scooter seller, with about 39% of the market, but had yet to make a profit

What happened

Its $734 million IPO, India's biggest of 2024 at that point, listed flat at ₹76 on 9 August 2024

Why it matters

The shares then rose 10% to 20% in their first day of trading, valuing the company at over $4 billion

The details

  • Ola Electric's shares listed at ₹76 on the NSE on 9 August 2024, the same as the issue price.
  • The $734 million IPO was India's largest of the year so far.
  • Bidding ran from 2 to 6 August at ₹72 to ₹76 a share.
  • It drew about $1.8 billion in bids.
  • The stock rose sharply after listing on its first day.

The bigger picture

  • It was the first IPO by a pure electric vehicle maker in India.
  • Sales grew 90% in FY24, but losses widened 8%.
  • Most of the new money was for R&D and the cell factory.

About the business

  • Ola Electric sold about 39% of India's electric scooters.
  • It launched its first model about three years earlier.
  • It is based in Bengaluru.

The deal

Type
ipo

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