24 Nov 2023 , 12:18 PM
The Tata Technologies IPO has proven to be a significant success for the Tata Group, witnessing robust demand as the Rs 3,042.51-crore offering was oversubscribed 21.86 times. On the final day of bidding, November 24, investors bid for 98.41 crore equity shares against the issue size of 4.5 crore. Click here to subscribe the IPO.
This IPO marks the first public issue from the Tata Group since the Tata Consultancy Services IPO in 2004. The offering was fully subscribed within the initial hours of opening, concluding the debut day with a 6.54 times subscription and Day 2 with a substantial 14.85 times subscription.
On the final day, qualified institutional buyers and high net-worth individuals, who collectively have a 50 percent and 15 percent reservation in the net issue, subscribed 20.82 times and 45.33 times their allocated portions, respectively.
Retail investors, Tata Technologies employees, and Tata Motors shareholders also displayed strong interest, subscribing 13.60 times and 24.53 times their reserved portions, constituting 35 percent of the net issue.
The public offer, excluding the employees’ and shareholders’ quotas, represents the net issue. The IPO, with a price band set at Rs 475-500 per share, is entirely an offer-for-sale (OFS) of 6.08 crore shares by the promoters Tata Motors, and investors Alpha TC Holdings and Tata Capital Growth Fund 1. There is no fresh issue component, meaning that the entire issue proceeds, excluding IPO expenses, will go to the selling shareholders.
Related Tags
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.