₹25K cr rush: Investors flock to market as five IPOs debut

Most listings see oversubscription on Day One

- SUNDAR SETHURAMAN

Investors are flocking to the five initial public offerings (IPOS) that have hit the market. Most share sales have already experienced more demand than shares on offer, with cumulative bids totalling almost ₹25,000 crore. The five maiden share sales together aim to mobilise ₹7,377 crore in what will be the busiest week for IPOs in calendar year 2023.

The strongest demand is observed for Tata Technologies' (Tata Tech's) ₹3,042 crore offering. The IPO, the first by a Tata Group firm in nearly two decades, was subscribed 6.55 times on Wednesday, the first day of the issue.

Gandhar Oil Refinery (India) and Flair Writing Industries, which also opened on Wednesday, were subscribed 5.5 times and 2.3 times, respectively.

Financial Fedbank Services (Fedfina) had a relatively slow start, garnering 40 per cent subscription. The IPO of state-owned Indian Renewable Energy Development Agency (Ireda), which opened a day earlier, was subscribed close to 5 times.