India News | Tata Tech IPO Subscribed 69.43 Times on Final Day of Offer
Get latest articles and stories on India at LatestLY. The Rs 3,042.5 crore initial public offer of Tata Technologies, which provides engineering and product development digital services, was subscribed 69.43 times on the final day of subscription on Friday, driven by remarkable participation from institutional buyers.
New Delhi, Nov 24 (PTI) The Rs 3,042.5 crore initial public offer of Tata Technologies, which provides engineering and product development digital services, was subscribed 69.43 times on the final day of subscription on Friday, driven by remarkable participation from institutional buyers.
This is the first company from the Tata Group to float an initial public offer (IPO) in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004.
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The initial share sale received bids for 3,12,64,91,040 shares against 4,50,29,207 shares on offer, as per NSE data.
The category for qualified institutional buyers (QIBs) was subscribed a mammoth 203.41 times, while the part meant for non-institutional investors attracted 62.11 times subscription. The quota for retail individual investors (RIIs) was subscribed 16.50 times.
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The IPO of Tata Technologies was fully subscribed within minutes of opening for bidding on Wednesday.
Tata Technologies, an arm of Tata Motors, on Tuesday said it has collected Rs 791 crore from anchor investors.
The public issue had a price band of Rs 475-500 per share.
Tata Technologies' public issue was entirely an Offer For Sale (OFS) of 6.08 crore equity shares.
Under the OFS, Tata Motors offloaded 4.63 crore shares, representing an 11.4 per cent stake, private equity firm Alpha TC Holdings sold 97.17 lakh shares or 2.4 per cent stake, and Tata Capital Growth Fund I offloaded 48.58 lakh shares or 1.2 per cent of the shareholding.
JM Financial, Citigroup Global Markets and BofA Securities were the book-running lead managers to advise the company on the IPO.
Equity shares of Tata Technologies will be listed on BSE and NSE.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)