Tata Technologies IPO offers final price at ₹500 per share: details here

Tata Technologies IPO announced the finalization of the offer price, including the anchor investor offer price, for its subsidiary Tata Technologies’ initial public offering (IPO) at ₹500 per share. The IPO, valued at ₹3,042.5 crore, received a robust response with 69.43 times oversubscription on the last day of bookings on Friday, driven by substantial participation from institutional buyers. The focus of this IPO is on the engineering and development of digital service products.”Tata Technologies Ltd, in consultation with the lead booking manager for the IPO, has finalized the offer price, including the anchor investor offer price, at ₹500 per share of the face value of ₹2 each,” Tata Motors stated in a regulatory filing.

The public issue had a price range of ₹475-500 per share. While the Tata Technologies IPO concluded on Friday, share allocation is expected on the following Tuesday, i.e., November 28, 2023, as the stock market remains closed on Saturday and Sunday. The listing date for Tata Technologies IPO is anticipated on November 30, 2023, which is the Thursday of the next week.

The IPO, amounting to ₹3,042.51 billion, includes the sale of shares worth ₹4.63 billion by Tata Motors, totaling ₹2,313.75 billion, the sale of 97.17 million shares by Alpha TC Holdings Pte Ltd, amounting to ₹485.84 billion, and the sale of 48.58 million shares by Tata Capital Growth Fund I, totaling ₹242.92 billion. It’s important to note that these figures are subject to the conclusion of the allocation basis, as mentioned in the document.

Tata Technologies’ IPO garnered bids for 312,649,1040 shares, surpassing the 450,292,207 shares on offer, according to NSE data. This marks the first IPO from the Tata Group in almost two decades, with Tata Consultancy being the last to go public in 2004.