Shares of newly listed Ola Electric Mobility tumbled over 7 percent in early trading on August 14, as investors resorted to profit booking before the company's Q1FY25 results are scheduled to be announced later in the day. The firm, led by Bhavish Aggarwal, is set to hold its first board meeting post-listing on August 14, where the board will review and approve its unaudited standalone and consolidated financial results for the June quarter.
At 10.00 am, Ola Electric's stock was trading 3 percent lower at Rs 105. The shares, which debuted on the NSE at Rs 76 on August 9, soared to 20 percent upper circuit limit on both their listing day and August 12. However, the stock had ended the previous session, August 13, with a slight decline of nearly 1 percent.
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Also, Ola Electric is preparing to unveil its first electric motorcycle on Independence Day, August 15. Although details have not been officially released, the company has been developing this model for some time. Last August, Ola revealed concept motorcycles, including models like Diamondhead, Adventure, Roadster, and Cruiser.
The Ola Electric IPO, which launched on August 2 and closed on August 6, raised Rs 6,145.6 crore. It comprised a fresh issue of 72.37 crore shares totalling Rs 5,500 crore and an offer for sale of 8.5 crore shares amounting to Rs 645.6 crore.
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The IPO was priced between Rs 72 and Rs 76 per share, with a minimum lot size of 195 shares. Ola Electric's IPO raked in Rs 2,763 crore from anchor investors on August 1. The funds from the IPO will be used to expand cell manufacturing capacity of its subsidiary, repay or pre-pay debt incurred by its subsidiary, investing in research and development, supporting organic growth initiatives, and covering general corporate expenses.
Established in 2017, the company focuses on electric vehicles and key electric vehicle (EV) components like battery packs, motors, and vehicle frames, all produced at its Ola Futurefactory.
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