Ola Electric Mobility Ltd. has experienced a remarkable surge in its shares, climbing nearly 90% in less than two weeks and boosting the company’s market capitalization to over $7 billion. This rapid ascent has validated founder Bhavish Aggarwal’s decision to take the company public, despite initial doubts about its valuation, according to Bloomberg.
The company’s initial public offering (IPO), the largest in India in the past two years, garnered significant investor interest. The sharp increase in stock price has enabled Aggarwal to achieve his target valuation sooner than expected, fueled by strong demand in India’s booming IPO market. Ola Electric, the country’s leading e-scooter manufacturer, had proceeded with the IPO at a reduced valuation due to investor concerns about its profitability.
