21 august 2024 : Ola Electric Mobility is establishing itself as one of the most successful large initial public offerings (IPOs) in India. The company’s shares have experienced an impressive increase of 80% from the initial offer price, resulting in a market capitalization exceeding $7 billion. This valuation aligns with the expectations of Ola’s founder prior to encountering resistance from investors. Although Ola is recognized as the leading manufacturer of e-scooters in India, it has yet to achieve profitability. Nevertheless, the rising adoption of electric vehicles, coupled with significant gains in new-age technology companies such as Zomato and PB Fintech, continues to drive investor enthusiasm for Ola’s stock.
Zomato remains unfazed by Antfin’s share sale, ends the day positively
The rally surrounding Zomato, India’s largest food delivery service, shows no signs of slowing down. Antfin’s secondary market sale of $569 million attracted numerous buyers, resulting in the stock closing higher for the day. This reflects the robust demand for the consumer technology leader, which is finally meeting the expectations that accompanied its IPO three years ago. What lies ahead for the Bengaluru-based company? It aims to narrow the market capitalization gap with the US delivery giant DoorDash Inc., which currently holds a $25 billion advantage.
Bull market persists for companies linked to the stock market
The rise in share prices of companies associated with the stock market indicates that bullish sentiment remains prevalent. Firms such as Angel One and ICICI Securities, along with money manager UTI Asset Management, were among the most sought-after on Tuesday and are expected to maintain their appeal in the near future. Strong indicators of investor engagement, including mutual fund inflows and the number of trading accounts, suggest potential for further earnings growth.