Ola Electric Share Price: If you have also invested in Ola Electric’s IPO, then this news is useful for you. Yes, Ola Electric’s stock saw a rise of 20 percent for the second consecutive day. There was a lot of demand for the stock in the last trading session as well, due to which the share price went up today as well.
The stock of the country’s largest electric scooter manufacturer was listed on Friday at Rs 91.20 per share, 20% higher than the issue price (Rs 76 per share). Now on Monday, the stock saw a rise for the second consecutive day. So far this stock has climbed about 44 percent from the issue price.
Ola’s share reached Rs 109
At the beginning of Monday’s trading session, Ola Electric’s share opened at Rs 97.21. Shortly after, it rose by 20 percent to Rs 109.41. With this, the stock hit an upper circuit for the second consecutive day. The Rs 6,145 crore IPO is getting a good response from investors. The issue was subscribed 4.27 times more on the last day i.e. August 6. This IPO opened on August 2 with a price band of Rs 72 to Rs 76.
Possibility of good returns after waiting for three years
Experts say that despite Ola Electric’s stock getting less demand than the market’s estimate, it is seeing a rise in the first two days. The company has a good future in the long term and the market is now focusing on the Ola electric bike to be launched in India on August 15. Keeping these things in mind, risk-taking investors can hold the stock for at least 2-3 years. Apart from this, experts also say that if the stock comes below the current level, then it can be bought and it can prove to be good for the long term.
What will the company do with the money?
The company decided to sell the 8,49,41,997 shares it already had. As the second part, the company planned to raise Rs 5,500 crore by issuing new shares. The company will use the Rs 6,145 crore raised from the IPO to expand its battery manufacturing factory. Apart from this, money will also be used to work on new products and do research. The company will also repay its old debt with this money. Zee Business Managing Editor Anil Singhvi had already advised to wait for the listing of the IPO.