Tata Technologies' IPO became full within a few minutes, these investors invested the most

Tata Technologies IPO: This morning the IPO of Tata Technologies, a subsidiary of Tata Group, was open for investors. Investors liked the company's IPO very much. This IPO was fully subscribed within some time of its opening. Let us tell you that the IPO of the company will remain open till 24 November 2023. Read the full news...

Wed, 22 Nov 2023 01:42 PM (IST)
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Tata Technologies' IPO became full within a few minutes, these investors invested the most

The IPO of Tata Technologies, which provides engineering and digital services, was open for subscription today i.e. on 22 November 2023 (Wednesday). The IPO was fully subscribed within minutes of opening. This clearly shows that investors are liking the company's IPO a lot.

The IPO of Tata Group company has come after almost two decades. Earlier in the year 2004, there was an IPO of Tata Consultancy Services.

The company had submitted an IPO proposal worth Rs 3,042.5 crore. For this, the company received bids for 8,73,22,890 shares against 4,50,29,207 shares. Tata Tech's IPO has been subscribed 1.94 times as of 11:21 am, according to NSE data.

Tata Tech IPO has received a very good response from all categories of investors. Non-institutional investors were subscribed 2.72 times, while the QIB quota was subscribed 1.98 times. At the same time, the share of retail investors was subscribed 1.63 times. The company's IPO was open for anchor investors on 21 November. The company has raised Rs 791 crore from anchor investors.

The price band of Tata Tech IPO is Rs 475-500 per share. It is open for investors till 24 November 2023. This IPO is entirely an offer-for-sale (OFS) of 6.08 crore equity shares. JM Financial, Citigroup Global Markets, and BofA Securities are the book-running lead managers advising the company on the IPO. Equity shares of Tata Technologies will be listed on BSE and NSE.

Tata Motors will sell 4.63 crore shares in the Tata Tech IPO, which represents an 11.4 percent stake. Whereas, Alpha TC Holdings will sell 97.17 lakh shares, and Tata Capital Growth Fund I will sell 48.58 lakh shares.

Muskan Kumawat Journalist & Writer