Mumbai: In a landmark move, Tata Technologies, a flagship company of the Tata Group, is set to make its public market debut today, ending a two-decade hiatus for the conglomerate. The initial public offering (IPO), which concluded its subscription period on November 24, witnessed an overwhelming response, with the shares subscribed 69.43 times on the final day.
Listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), Tata Technologies’ IPO boasted a price band of ₹475-500 per share. A regulatory filing by Tata Motors confirmed that the final offer price, inclusive of the anchor investor offer price, is fixed at ₹500 per equity share with a face value of ₹2 each.
As anticipation surrounds the listing, the grey market premium (GMP) for Tata Technologies’ shares is notable, currently trading at ₹425 as of 6:03 am on Thursday. This underscores the market’s positive sentiment towards the company’s public offering.
The IPO’s substantial size aggregates to ₹3,042.51 crore, comprising an offer for sale by Tata Motors (₹2,313.75 crore), Alpha TC Holdings Pte Ltd (₹485.84 crore), and Tata Capital Growth Fund I (₹242.92 crore), subject to the finalization of the basis of allotment, as per a regulatory filing quoted by PTI.
Tata Technologies’ IPO marks a historic moment for the Tata Group, as it is the first entity from the conglomerate to go public in almost two decades. The last IPO from the group dates back to 2004 when Tata Consultancy Services made its debut.
Investors and market enthusiasts eagerly await the unfolding of this milestone event, as Tata Technologies reasserts its presence in the IPO arena after a significant hiatus.