Tata Technologies, a company offering engineering and product development digital services, saw an overwhelming response to its Initial Public Offering (IPO), which amounted to Rs 3,042.5 crore. On the final day of subscription, the IPO was oversubscribed by 69.43 times, showcasing significant interest from investors, especially institutional buyers.
Tata Motors announced that its subsidiary, Tata Technologies, has finalized the offer price for its IPO at Rs 500 per equity share, inclusive of the anchor investor offer price. This decision, made in consultation with the book running lead managers, signifies a major milestone for the company.
The IPO initially had a price band of Rs 475-500 per share, but Tata Technologies settled on Rs 500 per equity share for the offering. The IPO’s total size stands at Rs 3,042.51 crore, consisting of an offer for sale by Tata Motors (4.63 crore equity shares valued at Rs 2,313.75 crore), Alpha TC Holdings Pte Ltd (97.17 lakh equity shares valued at Rs 485.84 crore), and Tata Capital Growth Fund I (48.58 lakh equity shares valued at Rs 242.92 crore). This valuation is subject to finalization based on allotment criteria.
During the IPO period, Tata Technologies received bids for 3,12,64,91,040 shares against the available 4,50,29,207 shares, as per data from the National Stock Exchange (NSE).
Notably, this IPO marks a significant event as Tata Technologies becomes the first company from the Tata Group to go public in nearly two decades. The last IPO from the Tata Group was Tata Consultancy Services in 2004.
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