Tata Technologies shares debut 140% higher than their IPO

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Following a successful IPO, Tata Technologies  saw its shares open at a 140% premium to the Rs 500 IPO price on the National Stock Exchange. The Rs 475–500 per share price range was set for the Rs 3,042.52 crore offering. This demonstrated the need and the public's interest in the Tata Group's services.

This makes Tata Technologies the best listing of 2023 and the investors who managed to grab hold of the company's shares during the high-demand IPO have seen their investment more than double after today's listing.

On both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) , the shares of the company reached over 140% or Rs 700 to open at Rs 1200. This has boosted the company’s market capitalisation which currently stands at over Rs 53,000 crore.  

Ahead of the market listing, the shares held a premium of Rs 406 in the unlisted grey market. Analysts had also expected the company to make a bumper debut following the massive response to its IPO.

The Rs 3,042-crore IPO of Tata Technologies garnered bids exceeding Rs 1.5 lakh crore, with an overall subscription nearly 70 times the shares available.

The retail individual investors (RIIs) category was oversubscribed 16 times, qualified institutional buyers 203 times, and non-institutional investors 62 times.