Tata Technologies, a subsidiary of the Tata Group, received a tremendous response from retail investors for its IPO after nearly two decades in the stock market. The IPO opened on November 22nd and closed on November 24th, during which it broke several records.
Within three days, Tata Technologies’ IPO was oversubscribed by a staggering 69.43 times, excluding anchor investors, with bids worth ₹1.56 lakh crore for the 2.2 crore shares on offer. The allocation of shares under Tata Technologies’ IPO is expected to take place within 3-5 working days.
The company’s shares could be listed on the BSE and NSE on December 5th, according to the Red Herring Prospectus (RHP), although it could be listed earlier if the company adheres to the T+5 rules.
Even before its listing in the stock market, there was a strong demand for Tata Technologies’ shares in the grey market. The robust subscription status of Tata Technologies’ IPO has led to a surge in the grey market premium. According to market observers, the shares of Tata Technologies Limited are available at a premium of ₹402 per equity, which is five times higher than the premium of ₹397 on Friday.
However, the grey market is just an indication of how the stock can perform in the market. Market watchers have stated that there has been a surge in the grey market following the positive response from investors. Despite a sluggish market, Tata Technologies’ IPO has seen an increase in the grey market premium. Additionally, market observers believe that the IPO’s grey market premium could further rise when it opens on Dalal Street on Tuesday.
Tata Technologies IPO Key Details:
1. Tata Technologies IPO received a tremendous response from retail investors after nearly two decades in the stock market.
2. The IPO opened on November 22 and closed on November 24, with Tata Technologies breaking all records during this period.
3. The IPO received an oversubscription of 69.43 times, excluding anchor investors, with bids worth 1.56 lakh crore rupees for 2,200 crore shares.
4. The allocation of shares under the Tata Technologies IPO is expected to be completed within 3-5 working days.
5. The shares of Tata Technologies Limited are likely to be listed on BSE and NSE on December 5, according to the Red Herring Prospectus (RHP) released by the company. However, if the company follows the T+5 rule, the IPO could be listed before this date.
6. The grey market premium for Tata Technologies’ shares has seen significant demand even before its listing in the market. The strong subscription status of Tata Technologies’ IPO has further boosted the grey market public issue.
7. According to market observers, Tata Technologies’ shares are available at a premium of 402 rupees per equity, which is five times higher than the Friday premium of 397 rupees. However, the grey market is only an indication of how the stock may perform in the market.
8. Market observers have stated that there has been an increase in the grey market premium of Tata Technologies’ IPO due to strong investor response. Despite a sluggish market, Tata Technologies’ IPO has seen an increase in the grey market premium. Additionally, market observers believe that if the IPO opens on Tuesday on Dalal Street, the grey market premium for Tata Technologies could further increase.
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