On Wednesday, November 29, Pune-based Tata Technologies, a renowned worldwide leader in engineering research and development (ER&D), revealed the allocation status of its first public offering (IPO). With the last IPO occurring in 2004 under the name Tata Consultancy Services, this milestone signifies the Tata Group’s comeback to the IPO market after over two decades.
The price range for the Tata Technologies IPO was Rs 475 to Rs 500 per share, and it was available for purchase from November 22 to November 24. The IPO application review page on the BSE website or the online portal of the issue’s registrar, Link Intime India, allow investors who took part in the IPO to view the allotment status.
On Thursday, November 30, Tata Technologies’ shares, which have a grey market premium (GMP) of Rs 375 a share, are scheduled to make their debut on the BSE and NSE.
Strong demand was evident in the IPO, which was subscribed 69.43 times on the last day, with bids for 3.12 billion equity shares being made against the 450 million shares that were made available.
Tata Technologies is a multinational engineering services provider that was founded in 1994 and focuses on creative approaches to digital and product development. Initially concentrating on the automotive sector, the company has broadened its scope of expertise to cater to customers in the aerospace, transport, and construction-related machinery sectors, hence aiding in the development of safer, cleaner, and more advanced goods.