Tata Technologies Limited took Dalal Street by storm on Thursday, making a grand entrance at Rs 1,200 on the NSE—a whopping 140% premium over its issue price of Rs 500 upon listing.
TATA Tech IPO details
Tata Technologies, offering engineering and digital product development services, leapt onto the BSE at Rs 1,199.95, marking a staggering 139.99% surge from its issue price. The stock swiftly climbed 180% to reach Rs 1,400.
On the NSE, it debuted at Rs 1,200, rallying 140% before reaching Rs 1,400. Its market valuation soared to Rs 52,939.74 crore in morning trade.
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The company's IPO of Rs 3,042.5 crore was oversubscribed 69.43 times, largely due to institutional interest. Notably, this marks the first Tata Group IPO in nearly two decades, following Tata Consultancy Services' IPO in 2004.
Tata Technologies' IPO, with a price band of Rs 475-500 per share, was entirely an Offer For Sale (OFS) of 6.08 crore equity shares and garnered immense attention, being oversubscribed within minutes of opening for bidding on Nov 22.