INDIA - Tata Technologies Ltd., a member of the prestigious Tata Group, made a remarkable entry into the stock market today, with its shares opening at an impressive 140% premium on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). This stellar debut propelled the company's market valuation to ₹48,678.20 crore on its first trading day. The initial public offering (IPO) of the engineering services provider, which caters to global original equipment manufacturers (OEMs) and tier-I suppliers, had previously garnered immense interest from various investor segments.
The company's IPO, which took place from November 22-24, was priced in the range of ₹475-500 per share. The primary objective was to raise ₹3,042.51 crore (INR100 crore = approx. USD12 million) through an offer for sale by promoters and shareholders. Institutional buyers demonstrated significant confidence in the firm, subscribing 203 times the shares available to them. Retail investors also showed strong enthusiasm, subscribing 16.50 times the portion allocated to them, while non-institutional investors subscribed 62.11 times their reserved portion.
The IPO was meticulously orchestrated by a consortium of financial heavyweights, including JM Financial (NS: JMSH ), Citigroup Global Markets India, and BofA Securities India. Link Intime India was responsible for managing the registration processes. The company's shares were also in high demand in the grey market, where they were traded at a premium of ₹425 prior to the listing.
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