Tata Technologies IPO oversubscribed almost 70 times
This was part of a larger success story in the stock market with four other IPOs doing well this week
The initial public offer (IPO) of Tata Technologies, the first IPO from the Tata Group in almost two decades, was oversubscribed just less than 70 times.
The ₹3,043-crore offer from Tata Tech received offers for nearly ₹1.6 lakh crore (a demand for 312.6 crore shares as against 4.5 crore shares on offer).
The IPO received tremendous support from institutional buyers, with the qualified institutional buyers (QIBs) subscribed 203.41 times. The company garnered ₹791 crore from anchor investors.
This was part of a larger success story in the stock market with four other IPOs doing well this week. The other companies that came out with initial public offers this week were Indian Renewable Energy Development Agency (IREDA), Flair Writing, Gandhar Oil Refinery, and Fedbank Financial.
The total demand for shares from these five IPOs was nearly ₹3 lakh crore against about ₹7,400 crore worth of shares on offer. The largest offer was from Tata Technologies.
Market players said that the kind of response these offers generated is a sign that there is sufficient appetite among Indian investors for new offers from good companies. These five companies will be listed on the bourses next week.