Stock Market News

India’s top e-scooter maker Ola Electric marks flat debut

08/09/2024

Less than a minute

2024.08.09 00:31

BENGALURU (Reuters) – SoftBank-backed Ola Electric Mobility’s shares debuted flat in pre-open trade on Friday amid concerns about the loss-making company’s ability to retain its market share and deliver on its battery cell manufacturing project.

© Reuters. FILE PHOTO: Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo

The stock listed at 76 rupees on the National Stock Exchange, compared with an offer price of 76 rupees.

Ola Electric’s $734 million initial public offering, India’s biggest so far in 2024 and the first stock offering by a pure-play electric vehicle maker in the country, had drawn about $1.8 billion in bids this week.

08/09/2024

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