Tata Technologies, an arm of Tata Motors, made a spectacular stock market debut on Thursday, listing at a 140 percent premium to the issue price of Rs 500.
The share of the company, which provides engineering and product development digital services, was listed at Rs 1,199.95, a 139.99 percent increase from the issue price on the BSE. It then increased by 180 percent to Rs 1,400.
On the NSE, it opened at Rs 1,200 and has since risen 140 percent. Later, the stock soared to Rs 1,400.
During the morning trade, the company’s market valuation was Rs 52,939.74 crore.
Tata Technologies’ Rs 3,042.5 crore initial public offering was subscribed to 69.43 times on the final day of subscription on Friday, thanks to strong participation from institutional investors.
This was the first initial public offering (IPO) from the Tata Group in nearly two decades. Tata Consultancy Services was the group’s last IPO in 2004.
Tata Technologies’ initial public offering (IPO) was fully subscribed within minutes of opening for bidding on Wednesday last week.
The price range for the public offering was 475-500 per share.
Tata Technologies’ public issue consisted only of an Offer For Sale (OFS) of 6.08 crore equity shares.
In the stock market, the 30-share BSE Sensex was down 216.34 points to 66,685.57 while the Nifty fell 40.55 points to 20,055.45.
Also read: Trading down on profit-taking, markets give up early gains
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