Shares in Indian e-scooter maker Ola close up 20% after tepid debut
BENGALURU -- Shares in Indian scooter maker Ola Electric Mobility closed at 91 rupees, 20% more than the issuance price, after its tepid market debut on Friday, underscoring investor optimism that the Softbank-backed startup will turn profitable on the road ahead.
The South Asian nation's first electric vehicle stock opened flat at 76 and was trading at around 90 by noon local time on Friday. That compared to an issuance price of 76 rupees, which was a 22% discount to the valuation in the high-profile company's last round of private funding. The oversubscribed initial public offering had valued Ola at $4.3 billion.