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Ola Electric stated that 808.7 million shares were purchased at a rate of 76 rupees each. The company itself released approximately 89% of the shares, with the remaining being sold by its shareholders.
Ola Electric's stocks surged by 20% to reach Rs 91.18 during its first day of trading on the Bombay Stock Exchange (BSE) on Friday.
The company plans to use the funds raised from the IPO for general costs, repaying debts, and investing in research and development (R&D).
Ola Electric recorded a 90 percent increase in revenue last fiscal year, reaching 50.1 billion rupees by March. Nevertheless, the organization experienced a net deficit of Rs 15.84 billion.
In the previous financial year, Ola Electric provided approximately 330,000 scooters to customers, which was twice the amount from the year before. The company plans to begin selling scooters in December 2021.
source: cnbc.com
Ola Electric's stocks surged by 20% to reach Rs 91.18 during its first day of trading on the Bombay Stock Exchange (BSE) on Friday.
The company plans to use the funds raised from the IPO for general costs, repaying debts, and investing in research and development (R&D).
Ola Electric recorded a 90 percent increase in revenue last fiscal year, reaching 50.1 billion rupees by March. Nevertheless, the organization experienced a net deficit of Rs 15.84 billion.
In the previous financial year, Ola Electric provided approximately 330,000 scooters to customers, which was twice the amount from the year before. The company plans to begin selling scooters in December 2021.
source: cnbc.com
