Tata Technologies IPO sails through in the first hour of opening

22 Nov 2023 , 11:05 AM

After an almost two-decade hiatus, the Tata Group has officially launched its initial public offering (IPO) today, featuring Tata Technologies Limited as the offering entity. The book build issue is set to remain open for bids until November 24, 2023. Click here to subscribe the IPO.

In the opening hour alone, the IPO witnessed a subscription rate of 1.42 times. Notably, the retail portion saw a subscription of 1.18 times, the Non-Institutional Investor (NII) portion garnered a robust 1.62 times subscription, and the Qualified Institutional Buyer (QIB) portion attracted bids 1.98 times the offering. Additionally, portions reserved for employees and Tata Motors Shareholders received bids of 0.19 and 1.32 times, respectively.

Each lot of the Tata Technologies IPO comprises 30 company shares, with a price band set at Rs 475 to 500 per equity share. Consequently, a retail investor looking to participate in the Tata Technologies IPO would need a minimum investment of Rs 15,000 (calculated as Rs 500 multiplied by 30 shares).

The Book Running Lead Managers (BRLM) overseeing the Tata Tech IPO include JM Financial Limited, Citigroup Global Markets India Private Limited, and Bofa Securities India Limited. Meanwhile, the registrar for the issue is Link Intime India Private Ltd.