Ola Electric Shares Surge 20% in Market Debut, Valuation Hits $4.8 Billion

Aug 12, 2024, 10:46 AM

Ola Electric, backed by SoftBank, made a significant debut in the public market with its shares rising by 20%. This surge has brought its market capitalization to $4.8 billion, recovering much of the previous valuation cut. Despite the successful IPO, questions remain about when, if ever, Ola Electric will achieve profitability. Analysts are scrutinizing the company's financials to determine its potential to reach a breakeven point. The excitement around the IPO is fueled by Ola Electric's role in sparking an electric vehicle revolution, as noted by SoftBank's Sumer Juneja.