Tata Technologies record applications, which have become the highest ever among private companies, will reach an even higher number as the issue's bidding period will commence on 24 November
The highly anticipated initial public offering (IPO) of the Tata Group, Tata Technologies has set a record by drawing the greatest number of applications on its issue among private sector businesses, according to domestic brokerage Nuvama Institutional Equities.
With 50.6 lakh applications submitted during its second day of availability, the Tata Technologies first public offering has surpassed prominent private firms like Zomato, Reliance Power, Nykaa FSN E-Commerce Ventures, and more.
Since Tata Technologies is the group company's first IPO in almost 20 years, investors on D-Street have shown a great deal of interest in the company. The Tata Group's previous initial public offering (IPO) was Tata Consultancy Services (TCS), which debuted on the stock exchanges in 2004.
On day two of the Tata Technologies IPO, the subscription status was 14.85 times. Qualified Institutional Buyers (QIB) reservations were made 8.55 times, while the portion for retail investors was subscribed 11.19 times. 31.03 times as many people subscribed to the portion designated for non-institutional investors (NIIs). The amount designated for the shareholder was booked 20.02 times, but the employee portion was subscribed 2.36 times.
The Rs 3,042.51 crore Tata Technologies IPO is a book-built issue. The entire purpose of the issuance is to sell 6.09 crore shares. The IPO price band, set by the firm, is between Rs 475 and Rs 500 for each equity share with a face value of Rs 2. A minimum of thirty shares, as well as multiples of those, are up for bid.
On November 24, the IPO's three-day bidding period will come to a close. Tata Technologies provides worldwide original equipment manufacturers (OEMs) and their tier-1 suppliers with product development and digital solutions, including turnkey solutions.
Tata Technologies is an Engineering Research & Development (ER&D) organization that focuses solely on manufacturing and is a part of Tata Motors. Its primary industry of interest is the automotive sector. As of September 30, Tata Investment Corporation, a promoter group company, held a 0.33 percent ownership in Tata Motors.