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Bumper stock mkt debut for Tata Technologies
The Business Guardian
|December 01, 2023
In a historic return to the initial public offering (IPO) arena, Tata Technologies, a prominent Tata Group entity, made an exceptional stock market debut on Thursday, leaving investors jubilant with a staggering 140 percent premium over its issue price. This IPO marks a significant milestone as the first public offering by a Tata Group company in two decades, with Tata Consultancy Services being the last to go public back in 2004.
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The excitement surrounding Tata Technologies' IPO was palpable, drawing widespread attention from investors. The stock was listed on Indian stock exchanges at Rs 1,200, a substantial surge from its issue price of Rs 500. The momentum continued to propel the stock, reaching Rs 1,307 by 10:24 a.m.
Tata Technologies' IPO, spanning November 22 to 24, garnered substantial interest from all categories of investors, with a reported total of over 73.38 lakh applications. The public offer witnessed an impressive subscription rate of 69.43 times, with qualified institutional buyers (QIBS) oversubscribing at an astronomical rate of 203.41 times.
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