Image Source : FREEPIK A businessman presses the button for the initial public offering network on the chart.
For the first time in two decades, the Tata Group has ventured into the initial public offering (IPO) arena with Tata Technologies, garnering significant attention in the stock market. As the IPO concludes its remarkable run on the National Stock Exchange (NSE), market observers eagerly await the basis of allotment, expected to be finalised by November 28. Tata Technologies, a subsidiary of Tata Motors, witnessed an exceptional subscription rate, reaching nearly 70 times between November 22 and November 24. The IPO’s price band was set at Rs. 475–Rs. 500, with a minimum application requirement of 30 shares per individual.
A substantial share of the company was acquired by qualified institutional buyers and high-net-worth individuals, oversubscribing their allotted quotas by 203.41 times and 62.11 times, respectively.
Despite successfully raising over Rs. 3045 crore, it’s noteworthy that Tata Technologies’ IPO comprised only an offer-for-sale by promoter Tata Motors and investors Alpha TC Holdings and Tata Capital Growth Fund I. Consequently, the funds raised do not contribute to the company’s capital.
The grey market premium (GMP) for Tata Technologies currently stands at Rs. 414, showcasing a positive trend post-IPO closure and instilling confidence among potential investors. The anticipated listing date for the IPO is November 28, Tuesday.
Investors eager to check their share allotment status can follow these steps:
Visit the official website of the Bombay Stock Exchange.
Choose the ‘equity’ option from the menu.
Click on Tata Technologies Limited in the dropdown box.
Enter your application number or PAN number.
Check the ‘I am not a robot’ box and click on ‘Search.’
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