Tata Technologies IPO Day 3: Issue subscribed over 69.4 times on final day of subscription | Mint
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Business News/ Markets / Stock Markets/  Tata Technologies IPO Day 3: Issue subscribed over 69.4 times on final day of subscription
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Tata Technologies IPO Day 3: Issue subscribed over 69.4 times on final day of subscription

Tata Technologies IPO got oversubscribed heavily within hours of opening amid strong interest from investors across the board. The enthusiasm over Tata Technologies IPO is huge as it is the first IPO from the Tata Group in nearly two decades.

Tata Technologies IPO opened for subscription on November 22 and will close today on November 24. (Image: Tata Technologies Website)Premium
Tata Technologies IPO opened for subscription on November 22 and will close today on November 24. (Image: Tata Technologies Website)

Tata Technologies IPO: Tata Technologies IPO has been subscribed 69.43 times so far on Friday, the third and the last day of the bidding process. The public issue received bids for 3,12,64,69,230 equity shares as against 4.50 crore shares on the offer, as per data available on NSE at 5:45 pm.

Tata Tech IPO's retail investors portion has been subscribed 16.50 times, NII portion is subscribed 62.11 times, and Qualified Institutional Buyers (QIB) portion is booked 203.41 times. Employee portion has been subscribed 3.70 times Portion reserved for the shareholder has been booked 29.19 times.

The issue was subscribed 14.86 times on day 2 as it received bids for 66,92,39,790 equity shares as against 4.50 crore shares on the offer, as per data available on BSE.

The public issue was subscribed 11.20 times in the retail category and 8.55 times in the Qualified Institutional Investors' (QIB) category, while the Non-Institutional Investors' (NII) portion was booked 31.04 times.

The initial public offering (IPO) of Tata Motors’ subsidiary, Tata Technologies Ltd, has received strong investors’ response with a record number of IPO applications. The Tata Technologies IPO, which opened for subscription on November 22, has close today, November 24.

Read Tata Technologies IPO LIVE Updates here

Amid huge interest from investors across the board, Tata Technologies IPO got oversubscribed heavily within hours of opening. The enthusiasm over Tata Technologies IPO is huge as it is the first IPO from the Tata Group in nearly two decades.

Tata Technologies is a subsidiary of automobile major Tata Motors and is a pure-play manufacturing focused Engineering Research & Development (ER&D) company, primarily focused on the automotive industry.

Tata Technologies IPO GMP today

Tata Technologies IPO GMP today, or grey market premium today, increased to 405 per share, which is 81% higher than the issue price, market observers said.

This indicates that the Tata Technologies shares are trading at a premium of 81% at 905 apiece in the grey market as compared to the issue price of 500 per share.

Considering the GMP today and the issue price, Tata Technologies shares are estimated to be listed at 905 apiece on the stock exchanges.

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Over FY20-23, the company’s sales grew by 15.7% and came at 4,414 crore in FY23. EBit margins have also improved from 13% in FY20 to 16.5% in FY23. 

“The company plans to strengthen relationships with existing clients, target new high potential accounts with large annual ER&D spends and new energy vehicle companies, to drive the growth. ROE and ROCE also improved and stood at 20.9% and 24.3% respectively for FY23. With this, at the given upper price band of issue of 500, Tata Technologies is offered at annualized H1FY24 PE of 28.8x," brokerage firm Nirmal Bang said.

Also Read: Tata Technologies IPO Day 2: Check latest GMP, subscription status, other details. Should you apply?

Tata Technologies IPO Details

Tata Technologies IPO opened for subscription on November 22 and closed today on November 24. The IPO allotment is expected to be finalized on Thursday, November 30. 

Tata Technologies shares will list on BSE, NSE with tentative listing date fixed on December 5.

Also Read: Flair Writing IPO: Bidding ends today. Check latest GMP, subscription status, apply or not?

Tata Technologies IPO issue size is 3,042.51 crore which is entirely an offer for sale (OFS) of 6.09 crore equity shares by the promoter and investors.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 24 Nov 2023, 11:17 AM IST
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