Shares in India’s biggest electric scooter company closed up nearly 20 per cent in their Mumbai market debut on Friday, garnering support from investors despite listing at a lower valuation than in past funding rounds. (The Logic)

Talking point: Ola’s offering is India’s biggest IPO seen in two years, according to Bloomberg, amid a busy market where public offerings increased 65 per cent last year. While North American EV makers have been trimming their expectations for the EV market, surveys of Indian consumers have shown strong interest in two- and three-wheel vehicles that have potential to cut noise and emissions. Two-thirds of Indian consumers surveyed by McKinsey last year said they would buy an EV even if they could not charge at home. That has led companies like Canadian auto parts maker Magna to invest in Ola rival Yulu. Ola’s backers included SoftBank and Tiger Global.