BENGALURU (Reuters) -SoftBank-backed Ola Electric Mobility's shares rose 10% in their trading debut on Friday, valuing the company at 369.45 billion rupees ($4.40 billion) after the first stock offering by a pure-play electric vehicle maker in India.

The stock had listed flat to its initial offer price at 76 rupees on the National Stock Exchange in a broader market that was up 1%. Ola Electric's $734 million initial public offering, India's biggest so far in 2024, drew about $1.8 billion in bids this week.

With a 39% market share, Ola Electric dominates sales of electric scooters in India, after launching its first model just three years ago. However, while Ola's revenues have soared, it is yet to report a profit.

In the year to the end of March 2024, the company's sales grew 90% from the previous year, but its losses widened by 8%.

The company, whose share from the IPO was about $660 million, is planning to invest most of the proceeds for research and development and its battery cell manufacturing unit.

Ola Electric has pinned its profitability on manufacturing its own battery cells for its scooters, which should make them more affordable. It is targeting commercial production of the battery cells by early 2025.