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Ola Electric , India ’s large electric two - wheeler manufacturer , scend by 20 % on its public debut on Friday , making it the biggest listing among Indian firm in two years .
Shares of the Bengaluru - based business firm , which counts SoftBank and Temasek among its backers , jump out to ₹ 91.20 ( about $ 1.1 ) after start to trade at ₹ 76 , the higher remainder of its $ 733 million IPO price chain of mountains . The caller filed to go public at a evaluation that was 26 % low than the $ 5.4 billion it achieved in a financial backing bout in October 2023 , and significantly below the $ 6.5 billion to $ 8 billion range it had ab initio targeted for the IPO .
The inventory , which run into the upper electric circuit on the local exchange , closed the day at ₹ 91.2 , giving Ola Electric a securities industry capitalization of $ 4.8 billion .
Ola Electric has emerged as the dominant actor in India ’s electric two - wheeler market , enjoying 46 % share in the sphere . Ola launched its first electric scooter in December 2021 and has sell more than 330,000 units in the fiscal year end March 2024 .
The party is not yet profitable , however . It reported net loss of ₹ 16 billion ( about $ 200.5 million ) and EBITDA loss of ₹ 13 billion ( about $ 162.8 million ) on annual gross of ₹ 50 billion ( about $ 626.3 million ) in its last fiscal year .
The company has been investing in upright integration to good command timbre , provision and cost — it has initiatives to build up its own battery mobile phone technology as well as progress manufacturing potentiality . It plans to expound mental ability to 20GWh by the 2d one-fourth of 2026 .
The electrical vehicle market in India is poised for substantial growth . Investment banking and research firm Macquarie expect electric two - wheelers to gradually increase their share of the two - wheeler market in the country , estimating market incursion rates of 7 % , 10 % , 13 % and 16 % for the financial years 2025 , 2026 , 2027 and 2028 , respectively .
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That take issue quite a bit from Ola Electric ’s much more optimistic forecast for galvanizing two - wheeler : In its IPO prospectus , the ship’s company expect the category to reach 41%-56 % food market share by financial year 2028 .
late reductions in government subsidy for electric two - wheelers have impacted the sector ’s development trajectory . Still , the Indian electric vehicle market has seen some consolidation — the Herfindahl - Hirschman Index ( HHI ) , a measure of marketplace concentration , has risen to 2,810 as of June 2024 from 1,200 - 1,330 in financial years 2022 - 2023 . That ’s higher than the 2,160 number for traditional two - bicycler that escape on internal burning engines .
