Ola Electric surges 20% in India's biggest listing in two years
Ola Electric's IPO, India's largest electric two-wheeler maker, has become the South Asian market's largest listing in two years.
Shares of the Bengaluru-based firm, which counts SoftBank and Temasek among its backers, jumped to ₹91.20 (about $1.1) after starting to trade at ₹76, the higher end of its $733 million IPO price range. The company filed to go public at a valuation that was 26% lower than the $5.4 billion it achieved in a funding round in October 2023, and significantly below the $6.5 billion to $8 billion range it had initially targeted for the IPO.