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Tata Tech’s Rs 3,042.5-cr IPO subscribed 69.43 times on final day of offer
The Rs 3,042.5 crore initial public offer of Tata Technologies, which provides engineering and product development digital services, was subscribed 69.43 times on the final day of subscription on Friday, driven by remarkable participation from institutional buyers.
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 2004.
The initial share sale received bids for 3,12,64,91,040 shares against 4,50,29,207 shares on offer, as per NSE data.
The category for qualified institutional buyers (QIBs) was subscribed a mammoth 203.41 times, while the part meant for non-institutional investors attracted 62.11 times subscription. The quota for retail individual investors (RIIs) was subscribed 16.50 times.
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