Ola Electric Mobility’s Rs 6,154-crore IPO was subscribed 4.27 times. The public issue was a combination of a mix of fresh issue and an offer-for-sale.
AMN
Ola Electric Mobility shares made a robust stock exchange debut on Friday 9 August, soaring 19 percent over the IPO allotment price, after a strong oversubscription to the public issue.
At 10.45 am, Ola Electric stock was trading at Rs 88.5 per share on NSE, up 16.45 percent from Rs 76 IPO price.
The Rs 6,154-crore public offering, a combination of new shares and an offer for sale from existing investors, received robust investor interest. The issue was subscribed 4.27 times.
According to stock market experts, Ola Electric shares have witnessed a decisive spurt in trade volume, which signals a strong buzz among institutional investors. So, the rally in Ola Electric’s share price may continue for some more time as institutional investors buying after listing won’t be selling in the near term. So, the downside in the stock is also limited. They advised Ola Electric shareholders to hold the scrip for two to three years as the stock can generate wealth in one’s stock portfolio. They advised Ola Electric shareholders to hold the scrip, maintaining a stop loss at ₹75.