Tata Technologies Ltd witnessed a remarkable debut on the Indian stock market, with its shares soaring 180 percent above their issue price during the first trading session. This makes it the most spectacular debut of 2023 so far. The shares started trading at Rs 1,200 on the National Stock Exchange (NSE) and Rs 1,199 on the BSE, which is a staggering 140 percent premium over their initial public offering (IPO) price.
During early trade on Thursday, Tata Technologies’ shares reached a high of Rs 1,400, a surge of 180 percent, before settling at ₹1338.95 apiece, which is 167 percent higher than the IPO price. This increase occurred despite the Nifty 50 index trading 0.18 percent lower and the Sensex slipping 0.29 percent.
The market valuation of the company on the BSE stood at ₹54,353.50 crore.
Tata Technologies’ IPO, which raised ₹3,042.5 crore, received overwhelming demand and was subscribed 69.43 times on the final day of subscription. In fact, it was fully subscribed within the first 36 minutes on the opening day. The IPO had a price band of Rs 475-500 per share and consisted of an Offer For Sale (OFS) of 6.08 crore equity shares.
This IPO also marks the first time in nearly two decades that a company from the Tata Group has launched an initial public offering. The last IPO from the Tata Group was Tata Consultancy Services in 2004.
Tata Technologies is a leading global provider of engineering solutions and has a strong track record of growth and profitability. It serves various industries, including automotive, aerospace, and industrial sectors, offering product development and digital solutions to original equipment manufacturers, with a primary focus on the automotive industry.
