Tata Technologies Shares Soar with Bumper Listing, Surges 140% Over IPO Price

30 Nov 2023 , 09:59 AM

The shares of Tata Technologies Limited witnessed a remarkable listing on November 30, hitting the bourses at an impressive premium of 140% over the IPO price, reaching Rs 500. On the NSE, the shares were listed at Rs 1200, marking a premium of 140%, and on the BSE, they were listed at Rs 1199.95, reflecting a premium of 139.99%.

Tata Technologies, ranking as the third-largest in terms of the primary issue size in 2023, set a record by attracting the highest number of applications, totaling 73.58 lakh, during its IPO.

The public offer of Tata Technologies was subscribed 69.43 times, with the qualified institutional buyers (QIBs) quota being oversubscribed by a record 203.41 times, securing the second spot after Newteb Technologies, which saw a subscription of 220.69 times this year. The non-institutional investors (NIIs) and retail investors subscribed 62.11 times and 16.50 times, respectively.

Backed by Tata Motors, Tata Technologies is a pure-play manufacturing-focused ER&D (engineering, research and development) company, primarily concentrated on the automotive industry. The company is actively engaged with seven of the top 10 automotive ER&D spenders and five of the 10 prominent new energy ER&D spenders. The impressive market debut reflects strong investor confidence in Tata Technologies’ growth prospects and business model.