On August 13, Ola Electric Mobility’s shares surged over 18 percent to Rs 129.40, marking an impressive rally that has continued for three consecutive days. This dramatic rise follows the stock’s debut at Rs 76, the issue price, with a subsequent surge of 58 percent in just three days. The sharp increase in share value is accompanied by significant trading volumes, with 15 crore shares changing hands in the morning compared to 8 crore shares the previous day.
The stock’s bullish trend comes just a day before Ola Electric is scheduled to announce its Q1 results on August 14. The company, led by Bhavish Aggarwal, will hold its first board meeting post-listing to review and approve its unaudited standalone and consolidated financial results for the quarter ending June 30, 2024. This announcement is highly anticipated, as it will provide insights into the company’s performance and growth trajectory following its recent market debut.
Adding to the excitement, Ola Electric is also set to unveil its first electric motorcycle on Independence Day. While official details about the new model are yet to be revealed, the company has been working on this project for some time. In August 2023, Ola showcased several concept models, including the Diamondhead, Adventure, Roadster, and Cruiser, hinting at the innovative designs and features that might be part of their upcoming release.
The initial public offering (IPO) saw a significant allocation to both domestic and global investors. Of the total allocation, 40 percent was designated for domestic mutual funds, while global investment firms received approximately 54 percent of the anchor book. Among the domestic mutual funds, SBI Mutual Fund, HDFC Mutual Fund, and Nippon India Mutual Fund were notable for their higher allotments compared to other funds.
As of 9:42 am on August 13, Ola Electric shares were trading at Rs 114, reflecting a 5 percent increase from the previous close on the NSE. This continued upward movement underscores investor confidence in the company’s future prospects, driven by its upcoming financial disclosures and the highly anticipated launch of its first electric motorcycle.
