Tata Technologies: Engineering Services Company Witnessing Strong Investor Interest
New Delhi, November 23, 2023: Tata Technologies, a company providing engineering and digital product development services, is receiving a lot of attention from investors. In just two days of subscription, their initial public offer (IPO) has been subscribed 14.85 times.
#TataTechnologiesIPO – Status
As of today 1 pm @entrepeneur987SHNI category ( 2 lakh – 10 lakh) – Out of 37 applicants 1 will get allotment
BHNI category ( Above 10 lakh) – Out of 11 applicants 1 will get allotment
Retail category (15000 Rs application) – Out of 14 applicants…— Ankit Chaudhary (@entrepreneur987) November 24, 2023
The IPO, amounting to Rs 3,042.5 crore, saw a massive demand with bids for 66,87,31,680 shares against the available 4,50,29,207 shares, according to NSE data. This marks a significant event as it’s the first IPO from the Tata Group in about 19 years since Tata Consultancy Services’ offering in 2004.
IPO Report Card ⬇️ #TataTechnologiesIPO Day 3: Tata Group's first IPO in two decades is now subscribed 36x: https://t.co/IDKMK7vOa5 #GandharOilRefinery IPO Day 3: Issue of largest white oil manufacturer subscribed 30x so far: https://t.co/smEPfMPCWa #FlairWriting IPO… pic.twitter.com/eJlda4243o
— CNBC-TV18 (@CNBCTV18News) November 24, 2023
The offering is part of an Offer for Sale (OFS), where Tata Motors plans to sell 4.63 crore shares (representing 11.4% stake), Alpha TC Holdings aims to sell 97.17 lakh shares (2.4% stake), and Tata Capital Growth Fund I intends to part with 48.58 lakh shares (1.2% stake).
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During the subscription period, non-institutional investors showed immense interest with a subscription of 31.03 times, followed by Retail Individual Investors (RIIs) at 11.19 times. Qualified Institutional Buyers (QIBs) attracted 8.55 times subscription, showing broad interest across investor categories.
Tata Technologies gathered Rs 791 crore from anchor investors earlier this week. The IPO, priced between Rs 475-500 per share, will close on November 24. The company’s equity shares will be listed on both the BSE and NSE.
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The IPO is managed by JM Financial, Citigroup Global Markets, and BofA Securities as book-running lead managers. This strong investor response indicates promising prospects for Tata Technologies’ future in the market.
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