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Ola Electric shares surge 90% post-debut to hit $7 billion value

Economic Times · 11m

Ola Electric Mobility Ltd.'s shares have surged by nearly 90% in less than two weeks, boosting its market capitalization to over $7 billion. The strong investor demand in India's hot IPO market has helped founder Bhavish Aggarwal reach his target valuation sooner than expected. Investor belief in India's electric vehicle story and the gush of domestic liquidity are driving investors to seek exposure to the EV sector. Ola's successful IPO follows the rally of other new technology businesses in India, including Zomato and PB Fintech. Ola reported widened losses of 15.9 billion rupees for the financial year.