Ola Electric’s IPO shares were listed at ₹75.99 on the BSE and ₹76 on the NSE, in line with the issue price of ₹76. Following the listing, the shares experienced a significant surge, climbing 17.77% to reach ₹89.50 on the BSE.
The stock further gained momentum, hitting the upper circuit with a 20% increase, peaking at ₹91.18 per share on 09.08.2024. On Monday (August 12), the shares of OLA Electric touched a fresh high of INR 109.
Founded in 2017, Ola Electric specializes in electric vehicles (EVs) and has achieved a major milestone by becoming the first EV manufacturer in India to go public. This IPO is also noteworthy as it marks the first by any automaker in India in two decades, making it one of the largest IPOs in the country this year.
The company is recognized for its vertically integrated technology and manufacturing capabilities, focusing on EVs and EV components, including cells. The IPO garnered strong interest from both domestic and international investors.
Cyril Amarchand Mangaldas (CAM) served as the Indian legal counsel for Ola Electric in this landmark IPO. The CAM transaction team included Senior Partner Yash J. Ashar, Consultant Anuj Pethia, Senior Associates Rishav Buxi and Saurav Das, Associates Ayana Banerjee, Shashwat Solanki, and Sushant Khalkho.
Latham & Watkins acted as the international legal counsel for Ola Electric, with the transaction team led by Partner Rajiv Gupta.
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