‘Need more homegrown firms to list’: Nithin Kamath on Ola Electric, Unicommerce, FirstCry IPOs

Zerodha founder Nithin Kamath, speaking about Ola Electric’s recent initial public offering (IPO) as well as Unicommerce and FirstCry listing on Tuesday, said that that’s what India needs – more homegrown companies to go public.

Congratulating the three companies, Kamath said that as the response indicates, investors are happy. “If our markets have to grow, we need more homegrown companies to list and also leave something on the table for IPO investors. IPOs doing well are good because they incentivize more companies to consider an IPO, and attract more retail and institutional investors,” said Kamath.

Quoting Securities and Exchange Board of India (SEBI) whole-time member Ananth Narayan, Kamath said that India has a problem with the supply of new securities. “This is a problem at a time when domestic flows are increasing,” he said. 

Ola Electric, Unicommerce, FirstCry IPOs

Shares of Unicommerce eSolutions made a stellar stock market debut on Tuesday as the SaaS player got listed at Rs 235 on NSE, a premium of 117.59 per cent over its IPO price of Rs 108. The stock more than doubled investors' money on BSE too, listing at Rs 230 apiece, up 112.96 per cent over its mentioned issue price.

Brainbees Solutions (FirstCry's parent) shares made a strong stock market debut today as well as the company got listed at Rs 651 on NSE, a premium of 40 per cent over its IPO price of Rs 465 apiece. The stock was listed at a premium of 34.41 per cent, at Rs 625, on BSE, over the mentioned issue price.

Shares of Ola Electric Mobility today continued their sharp upward move. The stock surged 18.82 per cent to hit a record high of Rs 130. Last checked, it cooled off from the mentioned high level and was trading 4 per cent up at Rs 113.79. At this price, the recently listed scrip has rallied 49.72 per cent from its IPO price of Rs 76. After making a flat listing on its debut, Ola shares hit the upper circuit on two consecutive market days.