Tata Technologies IPO Shatters Records with Over 65x Subscription in Closing Day

24 Nov 2023 , 03:42 PM

The IPO of Tata Motors’ subsidiary, Tata Technologies Ltd, has garnered robust investor interest, setting a record for the number of IPO applications. As of the final day of the subscription on November 24, the Tata Technologies IPO has been subscribed 65.01 times.

Bids for 2,92,72,36,650 equity shares have been received, surpassing the offer size of 4.50 crore shares, according to data available on NSE at 3.40 PM. The retail category saw a subscription rate of 16.00 times, while the Qualified Institutional Buyers’ (QIB) category witnessed an overwhelming 186.43 times subscription. Non-Institutional Investors (NII) have subscribed 61.19 times.

The IPO allocation includes 50% reserved for qualified institutional bidders, with the remaining portions allocated to retail investors and non-institutional investors at 35% and 15%, respectively.