New Delhi: Tata Technologies, a leading provider of engineering and digital services, experienced a remarkable debut in the stock market as its initial public offering (IPO) was fully subscribed within minutes of trading on November 22. This IPO, valued at Rs 3,042 crores, marks the Tata Group’s first public issue in over 19 years.
Investors showed strong interest, with the offer being subscribed 5.11 times, reflecting the purchase of 23 crore equity shares against the available 4.5 crore. Notably, retail investors bid 4.2 times their allocated shares, while high-net-worth individuals (HNIs) subscribed 8.5 times, and qualified institutional buyers (QIB) bid 3.96 times.
Intriguingly, the reserved portions for employees and Tata Motors’ shareholders were in high demand, with the latter being oversubscribed by 6.87 times. The IPO, excluding these reserved shares, represents the net issue.
Tata Technologies, headquartered in Pune, has garnered attention for its global engineering services, catering to original equipment manufacturers (OEMs) and tier-1 suppliers. The company successfully raised Rs 791 crore from marquee investors through the anchor book on November 21.
The IPO, featuring a price band of Rs 475-500 per share, is open for subscription until November 24. The net issue allocation designates 50% to qualified institutional buyers, 15% to HNIs, and 35% to retail investors. With an impressive response from diverse investor categories, Tata Technologies’ IPO is poised to make a significant impact in the market, reflecting the strong confidence in the company’s potential for growth and innovation.
