Tata Tech's Rs 3,042.5 cr IPO subscribed 14.85 times day two of subscription

Tata Tech's Rs 3,042.5 cr IPO subscribed 14.85 times day two of subscription

New Delhi, Nov 23 (PTI) The initial public offer of Tata Technologies, which provides engineering and product development digital services, was subscribed 14.85 times on the second day of subscription on Thursday.

This is the first company from the Tata Group to float an Initial Public Offer (IPO) in nearly two decades. Tata Consultancy Services was the last IPO from the group in the year 2004.

The Rs 3,042.5 crore initial share sale received bid for 66,87,31,680 shares against 4,50,29,207 shares on offer, as per NSE data.

The portion for non-institutional investors got subscribed 31.03 times while the category for Retail Individual Investors (RIIs) received 11.19 times subscription. The portion for Qualified Institutional Buyers (QIBs) attracted 8.55 times subscription.

The IPO of Tata Technologies was fully subscribed within minutes of opening for bidding on Wednesday.

Tata Technologies, an arm of Tata Motors, on Tuesday said it has collected Rs 791 crore from anchor investors.

The public issue, with a price band of Rs 475-500 per share, will conclude on November 24.

Tata Technologies' public issue is entirely an Offer For Sale (OFS) of 6.08 crore equity shares.

Under the OFS, Tata Motors will offload 4.63 crore shares, representing 11.4 per cent stake, private equity firm Alpha TC Holdings will sell 97.17 lakh shares or 2.4 per cent stake, and Tata Capital Growth Fund I will do away with 48.58 lakh shares or 1.2 per cent of the shareholding.

JM Financial, Citigroup Global Markets and BofA Securities are the book-running lead managers to advise the company on the IPO.

Equity shares of Tata Technologies will be listed on BSE and NSE. PTI SUM SHW

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