Bharat Express

Soon after subscription period opened, Tata Tech IPO fully subscribed

Tata Technologies’ equity shares will be listed on BSE and NSE

IPO

Tata Technologies’ Initial Public Offering (IPO), which provides engineering and product development digital services, was fully subscribed within minutes after it opened for subscription on Wednesday.

This is the first initial public offering from the Tata Group in nearly two decades. Tata Consultancy Services was the group’s last IPO in 2004.

According to the NSE data as of 11:21 am, the Rs 3,042.5 crore IPO received bids for 8,73,22,890 shares against 4,50,29,207 shares on sale, translating into 1.94 times subscription.

Non-institutional investors were subscribed 2.72 times while Qualified Institutional Buyers (QIBs) were subscribed 1.98 times. The Retail Individual Investors (RIIs) part was subscribed 1.63 times.

Tata Technologies, a subsidiary of Tata Motors, announced on Tuesday that it had received Rs 791 crore from anchor investors.

The public offering, which has a price range of Rs 475-500 per share, will end on November 24.

the public offering of Tata Technologies is fully an offer-for-sale (OFS) of 6.08 crore equity shares.

Under the OFS, Tata Motors would sell 4.63 crore shares, representing an 11.4 percent stake, private equity firm Alpha TC Holdings will sell 97.17 lakh shares, representing a 2.4 percent stake, and Tata Capital Growth Fund I will sell 48.58 lakh shares, representing a 1.2 percent stake.

The book-running lead managers for the IPO are JM Financial, Citigroup Global Markets, and BofA Securities.

Tata Technologies’ equity shares will be listed on BSE and NSE.

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