Tata Technologies Valued At Nearly $7 Billion After 180% Surge In Debut Trade – News18

Tata Technologies jumped as a lot as 180% in its buying and selling debut on Thursday, valuing the primary Tata Group firm to go public in practically 20 years at Rs 567.94 billion ($6.8 billion).

The firm, which supplies engineering and expertise companies to auto, aero and heavy equipment makers, surged previous its preliminary public supply (IPO) value of Rs 500 to debut at Rs 1,200. The inventory scaled as excessive as Rs 1,400.

Investors oversubscribed the IPO by 69.43 occasions, probably the most amongst a string of IPOs final week, fetching bids for the corporate price Rs 1.56 trillion.

Tata Technologies was among the many prime 10 most energetic shares on Thursday, with 23.98 million shares traded by 10:08 a.m. IST.

IT companies supplier Tata Consultancy Services, which listed in 2004, was the final Tata Group firm to go public.

Tata Technologies reported a virtually 43% bounce in consolidated web revenue within the monetary yr ended March 31, 2023, whereas its income rose 25%.

Its prime 5 purchasers, together with dad or mum Tata Motors, Britain’s Jaguar Land Rover and Vietnam’s VinFast, accounted for 60.5% of its income.

Shares of Tata Motors have been buying and selling 1.6% decrease.

(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – Reuters)