Tata Technologies IPO fully subscribed in less than an hour of opening
The initial public offering (IPO) of Tata Technologies, the first by a Tata Group company in 20 years, opened for subscription on Wednesday. Within the first 30 minutes of opening, the non-institutional investors (NII) portion was subscribed to 80%, while the retail portion saw 48% booking.
FollowThe much-anticipated Tata Technologies IPO saw fantastic response within the first hour of bidding, as predicted by the Street and analysts. Nearly all of the shares were reserved within the first hour of the Tata Tech IPO, with retail investors trailing behind qualified institutional buyers (QIBs) and non-institutional investors (NIIS). The initial public offering (IPO) of Tata Technologies, the first by a Tata Group company in 20 years, opened for subscription on Wednesday, with November 24 being the deadline to subscribe.
Within the first half hour of operation, 80% of the NII component was subscribed, while 48% of the retail portion was reserved. Subsequently, the QIB segment filled up quickly. At 10:48 IST, the Tata Tech IPO subscription status was 1.29 times. Retail investors subscribed 1.02 times, NII subscribers subscribed 1:45 times, and QIB subscribers booked 1.98 times in the Tata Technologies IPO.
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Tata Technologies is focused on automotive industry and is engaged with seven out of top 10 automotive ER&D spenders and five out of the 10 prominent new energy ER&D spenders in 2022. There are some similarities between Tata Technologies and Tata Elxsi.
Tata Technologies IPO, which has opened for subscription today (Wednesday, November 22) will close on Friday, November 24. Tata Technologies IPO price band has been fixed in the range of Rs 475 to Rs 500 per equity share of face value of Rs 2.
Applicants will have to apply in lots, with 30 company shares in each lot of the public issue. A retail investor, therefore, must spend at least Rs 15,000 ( Rs 500*30) to apply for this offer.
Tata Technologies IPO lot size is 30 equity shares and in multiples of 30 equity shares thereafter. At the upper end of the price band, Tata Tech IPO is expected to raise Rs 3,042.51 crore.
