Tata Technologies IPO subscription has come to a close today, marking the last opportunity for investors to acquire shares. The IPO, which opened for subscription on November 22, has received an overwhelming response, with bids reaching 14.85 times the offer on the second day. This IPO is particularly significant as it is the first one from a Tata group company in nearly two decades. The total number of bids received for the IPO stands at 66,87,31,680 shares, surpassing the previous records set by companies like Zomato, Reliance Power, and Nykaa (FSN E-Commerce Ventures). With the IPO closing today, interested investors should act quickly to secure their shares.
Tata Technologies has garnered significant interest in the NII segment, with bids reaching a high of 31.03 times. In the retail Porsche segment, it has received 11.19 times subscription, while in the QIB segment, it has received 8.55 times subscription. The issue of Tata Technologies was fully subscribed within minutes of its opening on Wednesday and will remain open until the 24th of November. The price range for the shares has been set at Rs 475-500 per share. It is important to note that this issue is solely based on an offer for sale, with a total of 6.08 crore equity shares being offered. Prior to the opening of the issue, the company has already raised Rs 791 crore from anchor investors.
As for the GMP (Grey Market Premium), the unlisted shares of Tata Technologies are currently trading at a premium of Rs 388, which is 77.6% higher than its issue price. This suggests that the grey market expects the shares to be listed at Rs 888. The promoter company, Tata Motors, is selling 4.62 crore shares in this IPO, with a 10% quota reserved for eligible shareholders of Tata Motors. It is worth mentioning that this IPO marks the first offering from the Tata Group in the past 20 years, with the previous one being the TCS IPO in 2004.