Tata Technologies IPO gets strong response; gets subscribed 69.43 times
Mumbai: Tata Technologies initial public offering (IPO), the first from Tata Group since the Tata Consultancy Services IPO in 2004, garnered full subscription just within the first few hours of opening.
The Rs 3,042.51-crore offering was subscribed 69.43 times, with bids received for 312.65 crore equity shares (valued at Rs 1.56 lakh crore at the upper price band) against an issue size of 4.5 crore on November 24, the closing day of bidding, reported Moneycontrol.
The debut day concluded with a 6.54 times oversubscription, and by the end of Day 2, the subscription reached 14.85 times.
On the final day of bidding (Day 3), qualified institutional buyers and high net-worth individuals, with reserved portions of 50 percent and 15 percent in the net issue respectively, purchased 203.41 times and 62.11 times their allotted portions, the report said.
Both retail investors Tata Technologies employees and Tata Motors shareholders, showed a strong interest in the offering.
They subscribed 16.50 times, 3.7 times, and 29.2 times, respectively, exceeding the allocated portions set aside for them.
These portions represented 35 percent of the net issue, with 20.28 lakh shares and 60.85 lakh shares reserved in the issue.
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