BENGALURU (Reuters) – SoftBank-backed Ola Electric Mobility’s shares debuted flat in pre-open trade on Friday amid concerns about the loss-making company’s ability to retain its market share and deliver on its battery cell manufacturing project.
The stock listed at 76 rupees on the National Stock Exchange, compared with an offer price of 76 rupees.
Ola Electric’s $734 million initial public offering, India’s biggest so far in 2024 and the first stock offering by a pure-play electric vehicle maker in the country, had drawn about $1.8 billion in bids this week.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Tom Hogue)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.