Tata Technologies Share Jumps From Rs 500 To Rs 1,400 On Day 1

The Rs 3,042.5 crore IPO of the Tata Group company was subscribed 69.43 times on the final day of subscription on November 24. 

Tata Technologies Share Jumps From Rs 500 To Rs 1,400 On Day 1
New Delhi:

Tata Technologies Ltd shares soared to an impressive 180 per cent above their issue price during their maiden trading session on Thursday, marking the most spectacular debut on the Indian stock market so far in 2023. 

The shares commenced trading at Rs 1,200 on the National Stock Exchange (NSE) and Rs 1,199 on the BSE, representing a staggering 140 per cent premium over their initial public offering (IPO) price.

The Tata Group company's shares skyrocketed as much as 180 per cent to a high of Rs 1,400 in early trade on Thursday, before settling over 167 per cent higher than the IPO price at ₹1338.95 apiece by 11.47AM. The stock gained in contrast to the broader Nifty 50 index trading 0.18 per cent lower at the time and benchmark Sensex slipping 0.29 per cent.

The market valuation of the company was ₹54,353.50 crore on BSE.

Earlier, the Rs 3,042.5 crore IPO of the Tata Group company was subscribed 69.43 times on the final day of subscription on November 24. Reflecting the huge demand, the initial public offer was fully subscribed in the first 36 minutes on the opening day on November 22.

The IPO had a price band of Rs 475-500 per share. It was entirely an Offer For Sale (OFS) of 6.08 crore equity shares.

Tata Technologies is the first company from the Tata Group to launch an initial public offer in nearly two decades. Tata Consultancy Services was the last IPO from the Tata Group in 2004.

Tata Technologies raised Rs 791 crore from 67 anchor investors. Fidelity International, BNP Paribas, Nippon Life India, HSBC, Kotak, SBI Mutual Fund, Motilal Oswal, Edelweiss, DSP, and Goldman Sachs were among others investors.

The leading global provider of engineering solutions, boasts a robust track record of growth and profitability, coupled with a diversified clientele spanning various industries, including automotive, aerospace, and industrial sectors.

Tata Technologies offers product development and digital solutions, including turnkey solutions, to original equipment manufacturers. It is primarily focused on the automotive industry.

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