Shares of Tata Investment Corporation soared to a new 52-week high on Monday, reflecting a robust week-long performance in anticipation of the Tata Technologies initial public offering (IPO). The company's stock surged over 15% on the Bombay Stock Exchange (BSE), reaching ₹4,521.90, spurred by an impressive rally last Friday and a year-to-date growth exceeding 112%.
This surge in Tata Investment Corporation's share price aligns with the broader enthusiasm within the Tata Group as it prepares for its first IPO in nearly two decades. The forthcoming Tata Technologies IPO, which has been approved by the Securities and Exchange Board of India (Sebi) since June, is scheduled to open for subscription on Wednesday, November 22, and will close on Friday, November 24.
The IPO is priced between ₹475 and ₹500 per share, potentially valuing Tata Technologies at over ₹20,283 crore. Tata Motors (NYSE:TTM) shareholders have been allocated a tenth of the IPO shares, with a minimum investment threshold set at ₹14,250 for thirty shares at the lower price band. The offer for sale (OFS) aims to raise ₹3,042.51 crore, allowing existing shareholders to sell their stakes.
In parallel developments within the group, Tata Motors' shares saw a modest increase of 0.13%, closing at ₹680.1 on Monday after hitting a 52-week high of ₹687.55 during the day's trading. Similarly, Tata Motors DVR shares appreciated by 0.88%, closing at INR 458.6 and reaching an intraday high of INR 466.9 — its highest in a year.
The appointment of Vaibhav Goyal as general manager of Tata Investment Corporation on Friday adds to the positive outlook for the company. Goyal brings over two decades of experience in Indian equity markets to his new role at a time when the corporation has reported Q2 profits of ₹113.24 crore (INR100 crore = approx. USD12 million) — up more than 31% from last year.
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