Tata Technologies IPO gets strong response; gets subscribed 69.43 times
Mumbai: Tata Technologies initial public offering (IPO), the first from Tata Group since the Tata Consultancy Services IPO in 2004, garnered full subscription just within the first few hours of opening.
The Rs 3,042.51-crore offering was subscribed 69.43 times, with bids received for 312.65 crore equity shares (valued at Rs 1.56 lakh crore at the upper price band) against an issue size of 4.5 crore on November 24, the closing day of bidding, reported Moneycontrol.
The debut day concluded with a 6.54 times oversubscription, and by the end of Day 2, the subscription reached 14.85 times.
On the final day of bidding (Day 3), qualified institutional buyers and high net-worth individuals, with reserved portions of 50 percent and 15 percent in the net issue respectively, purchased 203.41 times and 62.11 times their allotted portions, the report said.
Both retail investors Tata Technologies employees and Tata Motors shareholders, showed a strong interest in the offering.
They subscribed 16.50 times, 3.7 times, and 29.2 times, respectively, exceeding the allocated portions set aside for them.
These portions represented 35 percent of the net issue, with 20.28 lakh shares and 60.85 lakh shares reserved in the issue.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Priyanka Chopra looks stunning in traditionals during her visit to Kajol-Rani Mukerji's Durga Puja celebrations
Indian High Commission hosts ‘Startup Connect’ event for Bangladeshi innovators
Sangh stands as the embodiment of eternal national spirit: Modi on RSS' 100 years
Pakistan: Blast close to Quetta’s FC headquarters leaves 10 dead
