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Business News/ Markets / Ipo/  Tata Technologies IPO sets record! Attracts over 50 lakh applications on issue, highest among private companies

Tata Technologies IPO sets record! Attracts over 50 lakh applications on issue, highest among private companies

  • Tata Technologies IPO has attracted 50.6 lakh applications on its public issue so far, setting the highest record on the number of applications among private sector companies.

Tata Technologies IPO is the second public issue from the Tata Group in the last 20 years.

Tata Technologies IPO: The Tata Group's much-awaited initial public offering (IPO) has created a record of attracting the highest number of applications on its issue among private sector companies, according to domestic brokerage Nuvama Institutional Equities. With 50.6 lakh applications till only the second day of its issue, Tata Technologies IPO has overtaken major private companies such as Zomato, Reliance Power, Nykaa FSN E-Commerce Ventures, and others.

Tata Technologies IPO has attracted massive interest from investors on D-Street, being the first issue from the group firm after nearly 20 years. Tata Consultancy Services (TCS) was the last IPO from the Tata Group which got listed on the bourses in 2004.

Tata Tech IPO subscription status

Tata Technologies IPO subscription status was 14.85 times on day two. The retail investors portion was subscribed 11.19 times and Qualified Institutional Buyers (QIB) portion was booked 8.55 times. The portion reserved for non-institutional investors (NIIs) was subscribed 31.03 times. Th employee portion was subscribed 2.36 times, while the portion reserved for the shareholder was booked 20.02 times.

Check live updates of Tata Technologies IPO subscription status

Tata Technologies IPO Details

Tata Technologies IPO is a book built issue of 3,042.51 crore. The issue is entirely an offer for sale of 6.09 crore shares. The company has fixed the price band for the IPO in the range of 475 to 500 per equity share of face value of 2. Investors can bid for a minimum of 30 shares and in multiples thereof.

The three-day bidding process for the IPO will end on November 24. Tata Technologies offers product development and digital solutions including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier-1 suppliers.

A subsidiary of Tata Motors, Tata Technologies is a pure-play manufacturing focused Engineering Research & Development (ER&D) company, primarily focused on the automotive industry. Tata Investment Corporation is a promoter group entity in Tata Motors, owning 0.33 per cent stake as on September 30.

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