Tata Technologies IPO Over-Subscribed By 14 Times Led By NIIs

Tata Technologies IPO continued to witness robust demand on day 2 of bidding. Being the first public issue from the Tata Group since 2004, Tata Technologies IPO is one of the most anticipated IPOs of the year.

By 4:12 p.m. the IPO had received bids for 63,16,65,150 surpassing the issue size of 4,50,29,207 shares by 14.03 times. The qualified institutional buyers (QIB) quota saw a subscription of 8.20 times, with bids reaching 8,64,92,010 shares against the reserved 1,05,47,382 shares for the institutional category.

The non-institutional investors (NIIs) category saw the most interest as it was subscribed 28.57 times. Bids in the segment have been placed for 22,59,75,840 shares compared to 79,10,537 shares reserved.

See Also: Listing Gains After IPO? Here’s What Tata Technologies’ GMP Looks Like

The retail segment was oversubscribed by 10.80 times, while Tata Motors’ shareholder quota saw a subscription of 18.97 times. The employee segment saw a relatively lukewarm response as it was subscribed 2.24 times. The issue would close for bidding on Friday and allotment would be finalised by Nov. 30. The allottees would get the Tata Technologies share credited in their demat accounts by Dec. 1. The stock is expected to list on the BSE and NSE on Dec. 5.

Several domestic brokerages including Ventura, IDBI Capital, KRChoksey and Chola Securities recommend subscribing to the Tata Technologies IPO.

Prior to the IPO, Tata Technologies successfully raised ₹791 crore from anchor investors. The engineering services company allocated 1.58 crore shares at ₹500 per share to 67 anchor investors, including prominent names such as Fidelity International, Nippon Life India, BNP Paribas, SBI Mutual Fund, HSBC, Kotak, DSP, Motilal Oswal, Edelweiss, and Goldman Sachs, among others.

Read Next: Tata Technologies Share Price: Should You Buy Its IPO?

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