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Ola Electric’s shares debuted flat at Rs 76 per share on Friday on the Indian stock exchanges despite an uptick in the overall market.

The Sensex surged 789 points to 79,675, while the Nifty50 climbed 0.98% to 24,352 on Friday at opening.

Ola Electric’s shares were trading at a discount of Rs 3 to Rs 4 in the grey market on Thursday.

The grey market is an unofficial market where traders buy and sell shares or IPO applications of companies at a premium or discount before the issues are officially launched on public markets.

The Bhavish Aggarwal-led company’s IPO was subscribed 4X times on Tuesday, the third and final day of bidding, with a jump in interest from qualified institutional buyers.

Ola Electric had priced its IPO between Rs 72 and Rs 76 per share, with a face value of Rs 10, and valued at Rs 33,500 crore (around $4 billion) at the upper end of the offering.

The IPO subscription, which opened for anchor investors on August 1, raised Rs 2,763 crore from 80 domestic and foreign funds. 

YourStory had reported that, despite the strong initial interest, investors were vary of the company’s widening losses, fierce competition from established auto giants, and the sector’s heavy reliance on government subsidies.

The company’s RHP (red herring prospectus) showed that the EV two-wheeler maker reported widening losses at Rs 1,584 crore in the year ended March 31, 2024, compared with a loss of Rs 1,472 crore in the previous year. 

Ola Electri’s IPO bidding was closely watched along with the IPO of two other technology companies, Firstcry, which saw 12X bids on its final day after a tepid initial response, and Unicommerce, which was fully subscribed on day one.

Ola Electric shares were up 15% at Rs 87.57 apiece, as of 10:33 AM today.