Shares of Ola Electric Mobility Ltd. crossed the mark of ₹100 on Monday after being locked in an upper circuit of 20% for the second straight session.

The stock had ended in a 20% upper circuit on Friday as well, which is the day it made its stock market debut.

Shares of Ola Electric had listed at par with their IPO price of ₹76 per share but buying emerged as the session went by.

With Monday’s surge, the company’s market capitalisation is closing in on ₹50,000 crore, currently at ₹48,272 crore.

In an interaction with CNBC-TV18 post listing, Ola Electric’s CMD Bhavish Aggarwal said that the company’s focus is to build profitable growth and a sustainable business.

Ola Electric’s three-day IPO earlier this month saw an overall subscription of 4.45 times, receiving bids for 198.17 crore shares, as against the 44.5 crore shares on offer.

The Qualified Institutional Bidders (QIB) portion of the IPO was subscribed 5.53 times the total shares on offer under this category, while the non-institutional portion was subscribed 2.51 times. The retail portion saw subscription of 4.05 times the shares on offer.

Shares of Ola Electric Mobility are currently trading 20% higher at ₹109.44.