Ola Electric emerges as one of India’s most successful IPOs. Here's why

Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:

Ola Electric Mobility is emerging as one of India’s most successful large IPOs. Its shares have surged 80% from the offer price, giving the company a market value of more than $7 billion. This valuation is what Ola’s founder had initially sought before facing investor pushback. Despite being India’s top e-scooter maker, it remains unprofitable. Yet, the growing adoption of EVs, combined with the monster rallies in new-age tech firms such as Zomato and PB Fintech, continues to fuel investor frenzy in Ola’s shares.

Zomato shrugs off Antfin’s share sale, closes higher

Bhavish Aggarwal, CEO of Ola Cabs, and founder of Ola Electric, speaks during a press conference ahead of the company's IPO launch in Mumbai. (Reuters)

Nothing seems to faze the rally in India’s largest food delivery company Zomato. Antfin’s $569 million secondary market sale found eager buyers, with the stock finishing the day in the green. That underscores the strong demand for the consumer tech giant, which is finally living up to the hype that surrounded its IPO three years ago. What’s next for the Bengaluru-based firm? Closing the market value gap with the US-based delivery giant DoorDash Inc., which has a $25 billion lead on it.

Bull run continues for stock market-linked companies

The only concern is valuation, which may deter those who care about it.