Ola Electric stock worked wonders
Ola Electric is one of the largest electric 2-wheeler companies in the country. Recently the company has entered the stock market. The company’s shares have given huge returns to the investors immediately after its listing in the market. The company’s shares gave investors a return of 71 percent in just 3 days.
The IPO price of Ola Electric shares was Rs 76. The company’s share price was also around this figure. But in just three days, its share price saw a jump of up to 71 per cent.
The price reached Rs 131.
On Tuesday, Ola Electric shares were trading around Rs 114 at 12 noon. But during the trading day, it hit a high of Rs 131. Thus, the market capitalisation of the company reached over Rs 51,000 crore.
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Financial results are coming soon
The company has announced that its first post-IPO board meeting will be held on August 14. The company will release its April-June quarter results on the same day. Apart from this, the company may also showcase its electric bike on August 15. The company also launched its first electric scooter on August 15.
The discount was displayed in GMP
Before the IPO of Ola Electric, the grey market was looking for discounted shares. Then the price of the company’s shares rose to Rs 73. But the listing of Ola Electric shares destroyed all grey market estimates. On the first day, the company’s shares reached 20 percent, i.e. the top level.
Ola Electric had recently launched its IPO. The company says that it will use most of the money raised in the IPO for its expansion. Ola Electric is rapidly developing its future factory, which will have the capacity to produce 1 crore electric vehicles every year.
