The highly anticipated initial public offering (IPO) of Tata Technologies is set to make its debut on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) around November 30, with expectations of a strong opening. Market speculation hints at an opening price around ₹914 per share based on the grey market premium (GMP).
Swastika Investmart Ltd. commended Tata Technologies for its consistent profitability and commanding presence in the global engineering sector. The company's diverse customer base and dedication to innovation are seen as key factors in its competitive market stance. The IPO's pricing at a price-to-earnings (P/E) ratio of 18.2 times is considered a fair reflection of the company's solid fundamentals and growth prospects.
On the final day of the IPO's subscription period last Friday, the offering attracted ₹3,042.5 crore (INR100 crore = approx. USD12 million), achieving a subscription rate of 69.43 times, indicating strong interest from institutional investors. The shares were priced at ₹500 each with an equity face value of ₹2. The offer for sale included significant contributions from Tata Motors (NYSE:TTM), totaling ₹23,137.5 million, Alpha TC Holdings Pte Ltd with ₹4,858.43 million, and Tata Capital Growth Fund I contributing ₹2,429.21 million. This collective effort was managed by the book running lead managers of the offering.
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