Bhavish Aggarwal-led Ola Electric slips 4% as 30-day anchor lock in ends: ola electric mobility share price
Source: Business Standard
Ola Electric, OLA(Photo: Shutterstock)
Ola Electric shares fall: Ola Electric Mobility, a Bengaluru based electric two-wheeler manufacturer, shares slipped as much as 4.14 per cent to hit an intraday low of Rs 105.1 per share on Monday, September 9, 2024.
The counter saw selling after its minimum 30-day anchor lock in period concluded on Friday, September 6.
However, at 11:05 AM, shares of Ola Electric Mobility were down 4.33 per cent or Rs 4.75 at 104.9 against BSE Sensex’s rise of 116.49 points at 81,30.42.
The lock in period for anchor investors in an IPO is 30 days for 50 per cent of allotted shares and 90 days for the remaining 50 per cent. The anchor portion as of August 1 for Ola Electric Mobility was worth Rs 2,763.03 crore.
Meanwhile, the 90-day anchor investor lock in period for Ola Electric Mobility will end on November 5, 2024, for the remaining shares.
Listing details
Shares of Ola Electric Mobility listed on the bourses on Friday, August 9, 2024. The IPO was a combination of a fresh issue of 723.7 million shares aggregating to Rs 5,500 crore and an offer for sale of 84.9 million shares aggregating to Rs 645.56 crore.
Ola Electric Mobility had made a lacklustre debut on the bourses despite positive market sentiments. The shares listed flat at Rs 75.99 on the BSE and Rs 76 on the NSE, against the issue price of Rs 76.
However, post-listing, the stock rallied as much as 20 per cent to hit the upper circuit at Rs 91.18 per share.
Since its listing, shares of Ola Electric have gained 20.25 per cent against Sensex’s rise of 98.14 per cent.
Ola Electric, a pure EV player in India, is developing vertically integrated technology and production capabilities for EVs and EV components, including batteries.
The Bhavish Aggarwal-led company, which has approximately a 35 per cent market share in India’s electric two-wheeler market in FY24, is focused on developing vertically integrated technology and production capabilities for EVs and EV components, including cells.
First Published: Sep 09 2024 | 12:16 PM IST
