Ola Electric Jumps by 20% After Biggest India IPO in Two Years

Ola Electric Mobility Ltd.’s shares rallied in their Mumbai debut on Friday, backed by strong investor demand amid growing adoption for electric vehicles in the country.

The shares of India’s biggest e-scooter maker closed 20% higher, the maximum limit allowed, at 91.20 rupees, over the initial public offering price of 76 rupees apiece.

Backed by SoftBank Group Corp. and Tiger Global Management LLC, Ola’s IPO raised about $733 million, the country’s largest since state-run Life Insurance Corp of India’s $2.7 billion share sale in 2022. It is also the first major auto manufacturer listing since Maruti Suzuki India Ltd.’s ...