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IPO blitz sets stage for listing day gains
Mint Mumbai
|November 25, 2023
Rally in mid-, small-cap stocks, moderate pricing fuel demand
Demand shot through the roof for three out of four large public share sales that closed on Friday, with investors cumulatively bidding for 49 to 70 times the shares on offer. The star of the show was Tata Technologies Ltd, the first Tata group company going for an initial public offering (IPO) in nearly two decades.
The Tata Technologies IPO saw a subscription of 69.43 times by 7pm on Friday, attracting bids of ₹1.5 trillion. It was followed closely by Gandhar Oil Refinery (India) Ltd at 65.63 times and Flair Writing Industries Ltd at 49.28 times. Fedbank Financial Services saw a more modest reception at 2.2 times. Demand was led by qualified institutional bidders (QIBs), high networth individuals and retail investors and, in the case of Tata Technologies, also from shareholders of its parent Tata Motors Ltd.
This story is from the November 25, 2023 edition of Mint Mumbai.
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