New Delhi: Shares of Tata Technologies, a subsidiary of Tata Motors, made a stellar stock market debut on Thursday. The stock was listed at a blockbuster premium of 140 per cent over its IPO worth band. The stock began buying and selling at Rs 1,200 on NSE and Rs 1,199.95 on BSE, towards the problem of Rs 500. The shares have been listed on BSE with a leap of 139.99 per cent from the IPO worth. It additional zoomed 180 per cent to Rs 1,400.
Tata Technologies is a subsidiary of vehicle main Tata Motors and is a pure-play manufacturing-focused Engineering Research & Development (ER&D) firm, primarily centered on the automotive trade. The subject was open for bidding between November 22 and November 24.
IPO obtained 69.43 instances subscription
The worth vary for the Tata Technology IPO was set at Rs 475-500 per share, making it a Rs 3,042.52 crore IPO. The IPO garnered important assist from buyers, with a subscription fee of 69.43 instances. The certified institutional patrons (QIBs) class noticed an distinctive subscription of 203.41 instances, setting a file. The reserved allotment for Tata Motors shareholders and eligible staff was subscribed 29.20 instances and three.70 instances, respectively, in the course of the bidding course of.
First IPO after 19 years
Tata Technology’s IPO marked the primary public providing by a Tata group firm in almost 20 years. The final IPO by any group firm was Tata Consultancy Services (TCS) in 2004. In the half-year ending September 2023, Tata Technology reported a 35% year-on-year improve in whole revenue to Rs 2,587 crore, whereas internet revenue rose by 36% to Rs 352 crore throughout the identical interval.
The IPO of Tata Technologies was totally subscribed inside minutes of opening for bidding on Wednesday final week. The public subject had a worth band of Rs 475-500 per share. Tata Technologies’ public subject was solely an Offer For Sale (OFS) of 6.08 crore fairness shares.
In the fairness market, the 30-share BSE Sensex traded 216.34 factors decrease at 66,685.57 whereas the Nifty declined 40.55 factors at 20,055.45.
