Tata Technologies Shares List on BSE, NSE: Shares of Tata Technologies Ltd made a stellar debut at Dalal Street on Thursday. The Tata Group stock was listed at Rs 1,200, a premium of 140 per cent, over its issue price Rs 500 on the National Stock Exchange. Whereas, it was listed at a premium of 140 per cent at Rs 1199.95 against the same issue price on BSE.
The first Tata Group IPO in two decades received bids worth Rs 1.56 lakh crore for an offer size of just over Rs 3,000 crore.
While the public issue had a price band of Rs 475-500 per share, Tata Motors in a regulatory filing said that Tata Technologies has finalised an offer price including the anchor investor offer price, at Rs 500 per equity share of face value of Rs 2 each.
Talking about its grey market premium (GMP), the shares of Tata Technologies were being traded at Rs 425 in the grey market as of 6:03 am on Thursday.
Tata Technologies had opened its IPO for subscriptions from November 22 to 24. On the last day, the IPO was subscribed 69.43 times on the final day of subscription.
It had separate reservations for eligible employees of the company and shareholders of Tata Motors Ltd and Tata Motors DVR Ltd. The allocation reserved for shareholders of Tata Motors and eligible employees was booked, 29.20 times and 3.70 times, respectively during the bidding process.
Tata Technologies is a global engineering services company by Tata Group, which offers product development and digital solutions. Incorporated in 1994, the Tata Motors promoter entity offers turnkey solutions, to global original equipment manufacturers (OEMs) and their tier-I suppliers across the globe.
As mentioned earlier, Tata Technologies is the first company from the Tata Group to float an IPO in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004.
What Should Investors Do Now?
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., said: “Tata Technologies, a global leader in engineering services, made its much-anticipated stock market debut today, listing at an impressive blockbuster premium of 140 per cent over its IPO price of Rs 500 per share.”
“The overwhelming response to the IPO was evident in its staggering oversubscription of 69.43 times. This robust investor interest reflects the company’s strong fundamentals and promising growth prospects and of course the legacy of the Tata group. The listing of Tata Technologies is a positive development for the company and the engineering services sector. Investors who participated in the IPO should consider holding on to their shares for the long term, as the company is well-positioned for sustained growth.”
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