Tata Technologies IPO: Day 1 subscription update 2023
The much-awaited initial public offering (IPO) of Tata Technologies Limited, a global engineering services company under the Tata Group, opened for subscription on November 22 and is scheduled to close on November 24. Here are the live updates on the subscription status at 11:50 AM IST on the first day of the IPO:
1. IPO Details:
IPO price band: ₹475 to ₹500 per equity share.
IPO Size: The IPO is an offer for sale (OFS) of 60,850,278 equity shares.
Expected fund raise: ₹3,042.51 crore at the upper end of the price range.
2. Membership Status (11:50 AM IST):
Total subscription: 2.13 times.
Retail Investor Portion: 1.92 times subscription.
NII (Non-Institutional Investors) Portion: 3.12 times subscription.
QIB (Qualified Institutional Buyer) Portion: Booked 1.98 times.
Employee portion: 41% contribution.
Shareholder portion: booked 2.29 times
3. Bids received:
Bids for 9,58,38,150 shares against 4,50,29,207 shares on offer.
4. Earlier Updates:
11:31am IST: Subscription status at 11:27am IST – 1.93x overall.
11:09 AM IST: Subscription status at 11:03 IST – 1.60x overall.
Subscription status at 10:53am IST: 10:48am IST – Fully booked within 30 minutes.
10:40 AM IST: Subscription Status at 10:36 IST – Fully Booked.
10:34am IST: Subscription status at 10:30am IST – 38%.
5. Membership Breakdown:
Retail Investors: 70% subscribed at 10:36 IST, fully subscribed at 10:48 IST.
NII: 1.11 times at 10:36 IST, 1.45 times at 10:48 IST.
QIB: 1.98 times at 10:36 IST, 1.98 times at 10:48 IST.
Staff: 10% at 10:36 IST, 14% at 10:48 IST.
6. Reservation Details:
QIB: Not more than 50%.
NII: Not less than 15%.
Retail investors: Not less than 35%.
Employee Reservation: Up to 2,028,342 equity shares.
Shareholders of Tata Motors Limited: Up to 6,085,027 equity shares.
7. Competitors List and Industry Comparison:
Listed Peers: KPIT Technologies, L&T Technology Services, Tata Elxsi.
P/E ratio according to Red Herring Prospectus (RHP).
8. Lead Manager and Registrar:
BRLM: JM Financial, Citigroup Global Markets, BofA Securities.
Registrar: Link Intime India Private Limited
9. IPO Price Band and Valuation:
Price band: ₹475 to ₹500 per share.
P/E ratio: 30.90 to 32.53x based on diluted EPS for FY23.
10. Anchor Investor Allocation:
₹791 crore was raised from 67 anchor investors at the upper price band.
Domestic and foreign investors including top mutual funds and foreign institutions.
11. Gray Market Premium (GMP):
GMP: +355, which represents a premium of ₹355 in the gray market.
Estimated listing price: ₹855, 71% higher than IPO price.
Disclaimer: Investors are advised to consider expert opinion and conduct thorough research before taking any investment decision.
Conclusion:
Tata Technologies IPO has generated a lot of interest with huge subscription on the very first day. Subscription figures indicate positive response from retail, institutional and non-institutional investors. The gray market premium further indicates strong investor confidence, potentially leading to a promising listing of Tata Technologies on the stock market. As the IPO progresses, market participants will keenly watch for further developments and the final subscription figures at the end of the offer period.
Tata Technologies IPO
IPO Subscription Status
tata tech ipo price band
IPO fund raising
Offer for Sale (OFS)
membership breakdown
retail investor membership
Non-Institutional Investors (NIIs)
Qualified Institutional Buyer (QIB)
employee reservation
shareholder share
bse data
create peer list
P / E ratio
lead manager
Registrar of IPO
anchor investor allocation
Gray Market Premium (GMP)
Estimated Listing Price
stock market update
