Shares of Ola Electric surged over 10% to touch an intraday high of ₹49.01 on the BSE during the intraday trading today
The rally today came days after the EV maker raised ₹780.24 Cr through a qualified institutional placement (QIP)
The stock has been on an upswing for the last few months, having rebounded more than 90% from its all-time low of around ₹21.21 it hit on March 2 this year
Shares of Ola Electric
surged over 10% to touch an intraday high of ₹49.01 on the BSE during the intraday trading today amid buying interest in new-age tech stocks.
The stock later pared some of the gains and was trading 8.5% higher at ₹48.31 at 13:30 PM IST. The company’s market capitalisation stood at about ₹22,359.8 Cr ($2.3 Bn).
The stock has been on an upswing for the last few months, having rebounded more than 90% from its all-time low of around ₹21.21 it hit on March 2 this year. The rally today came days after the EV maker raised ₹780.24 Cr through a qualified institutional placement (QIP).
Last week, Ola Electric issued 21.75 Cr equity shares at ₹35.86 apiece as part of its QIP. The issue was oversubscribed 56% and priced at a 5% discount to the floor price of ₹37.74 announced when the QIP was launched on June 1.
The issue saw participation from the likes of Goldman Sachs, Motilal Oswal, Mirae Asset Management, JM Financial and Societe Generale.
The fundraise is part of Ola Electric’s broader plan to raise up to ₹1,500 Cr. In October last year, the company’s board approved the proposal and shareholders subsequently cleared it.
According to the placement document, ₹225 Cr from the proceeds will be used to repay or prepay borrowings of the company and its material subsidiaries. Another ₹335 Cr has been earmarked for organic growth initiatives, while ₹184.87 Cr will be used for general corporate purposes. After deducting issue-related expenses of about ₹35.37 Cr, the company expects net proceeds of ₹744.87 Cr.
Ola Electric said the fresh capital will strengthen its balance sheet and support future growth plans as it navigates intense competition in India’s electric two-wheeler market.
In FY26, Ola Electric narrowed its net loss by nearly 20% to ₹1,833 Cr from ₹2,276 Cr in the previous year. However, its operating revenue nearly halved to ₹2,460 Cr from ₹4,932 Cr in FY25.
Amid the ongoing market volatility, new-age tech stocks saw interest from investors today, with over 35 companies trading in the green at the time of publishing this story.
Shares of Aye Finance climbed 7.3% to an intraday high of ₹149.70 after the company approved the issuance of senior, secured, rated, listed, redeemable, transferable, non-convertible debentures worth up to $15 Mn yesterday.
Shadowfax also zoomed 6.7% to touch an intraday high of ₹217.05.
Meanwhile, deeptech company SEDEMAC Mechatronics’ shares hit a fresh all-time high of ₹2,650, rising nearly 12% during the intraday trade.
Source: Inc42 - Startups
