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The Tata Technologies IPO turned out to be a runaway success for the Tata Group, with the Rs 3,042.51-crore offer seeing 69.43 times subscription.
Bids came in for a whopping 312.65 crore equity shares, valued at Rs 1.56 lakh crore at the upper price band, against an issue size of just 4.5 crore shares.
Source: Hindustan Times
Fully subscribed within hours on day one, the IPO ended its debut day with 6.54 times oversubscription. By the final day, qualified institutional buyers bought 203.41 times the shares allotted to them.
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Even retail investors and company employees showed enthusiasm, oversubscribing their portions by 16.5 times and 3.7 times respectively.
The maiden public offer from Tata Group since TCS in 2004, was an offer for sale by promoters including Tata Motors. Attractive valuations, strong financials, and parentage, along with high demand in the engineering services space contributed to the issue’s success.
Source: Mint
Several marquee investors took exposure through the anchor book, helping raise Rs 791 crore.
At the issue price of Rs 500 per share, Tata Technologies is valued at a TTM P/E of 28.3x. Analysts believe the company is well-positioned to benefit from rising manufacturing capex and shift of production to India.
In the grey market, Tata Technologies IPO shares traded at an 80% premium over the upper price band, indicating strong listing potential.
Read more, Tata Technologies: IPO Insights and Investor Buzz
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