Ola Electric Jumps by 20% After Biggest India IPO in Two Years

Shares rise by the daily limit after opening flat on Friday
Electric scooter maker’s share sale raised about $733 million

At the IPO price, Ola is valued at $4 billion.
Photographer: Samyukta Lakshmi/Bloomberg

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By Ashutosh Joshi and Dave Sebastian

August 9, 2024 at 12:52 AM EDT

Updated on

August 9, 2024 at 6:57 AM EDT

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Ola Electric Mobility Ltd.’s shares rallied in their Mumbai debut on Friday, backed by strong investor demand amid growing adoption for electric vehicles in the country.

The shares of India’s biggest e-scooter maker closed 20% higher, the maximum limit allowed, at 91.20 rupees, over the initial public offering price of 76 rupees apiece.