Tata Technologies share price made a strong debut on the bourses today. On NSE, Tata Technologies share price today was listed at ₹1,200 per share, 140% higher than the issue price of ₹500, and on the BSE, Tata Technologies shares were listed at ₹1,199.95 apiece.
Market analysts projected a huge premium on the back of market optimism, which further contributed to the public issue's benefits. However, they continue to believe that there could be significant trading activity in the Tata Technologies share price post listing and that it might reach levels of ₹1,000 per share on the listing day itself.
Tata Technologies IPO opened for subscription on Wednesday, November 22, and closed on Friday, November 24. Tata Technologies IPO price band was fixed in the range of ₹475 to ₹500 per equity share of face value of ₹2. Tata Technologies IPO lot size was 30 equity shares and in multiples of 30 equity shares thereafter. Tata Technologies IPO allotment was finalised on Wednesday, November 29.
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At the upper end of the price band, Tata Tech IPO is expected to raise ₹3,042.51 crore. This IPO is an Offer For Sale (OFS) of up to 60,850,278 equity shares for cash, comprising of an offer for up to 46,275,000 equity shares by the company; up to 9,716,853 equity shares by Alpha TC Holdings Pte. Ltd.; and up to 4,858,425 equity shares by Tata Capital Growth Fund I, each representing up to 11.41%, 2.40%, and 1.20%, respectively of the paid-up equity share capital of Tata Technologies Limited, said the company in an exchange filing on November 13.
The objective of the offer is to fulfil the selling shareholders' offer to sell up to 60,850,278 equity shares and to reap the benefits of listing the equity shares on stock exchanges. In addition, the company anticipates that the proposed listing of its equity shares will improve its brand recognition and visibility and open up an Indian public market for the equity shares, as per RHP.
Tata Tech IPO's book running lead managers (BRLM) are JM Financial Limited, Citigroup Global Markets India Private Limited, and Bofa Securities India Limited. The issue's registrar is Link Intime India Private Ltd.
Tata Tech IPO was subscribed 69.43 times on the final day of bidding on November 24. The retail investors portion was subscribed 16.50 times, the NII portion was subscribed 62.11 times, and the Qualified Institutional Buyers (QIB) portion was booked 203.41 times. The employee portion was subscribed 3.70 times, Portion reserved for the shareholder was booked 29.19 times.
Tata Technologies IPO received bids for 3,12,64,91,340 shares against 4,50,29,207 shares on offer, according to data from the BSE.
Tata Technologies IPO subscription status on Day 2 was 14.85 times, and Tata Tech IPO subscription status on Day 1 was 6.55 times.
Tata Tech IPO GMP today or grey market premium, is +400. This indicates Tata Technologies share price now is trading at a premium of ₹400 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Tata Tech share price is indicated at ₹900 apiece, which is 80% higher than the IPO price of ₹500.
Based on last 45 sessions grey market activities, today IPO GMP points upward and indicated a strong listing. The lowest GMP is ₹240, while the highest GMP is ₹425, according to analysts of investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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