Tata Tech IPO gets fully subscribed on Day 1 of subscription
The IPO of Tata Group company Tata Technologies is getting tremendous response in the stock market. This much-awaited IPO opened for subscription today on Wednesday after a long wait. As soon as the IPO opened, investors in the market bid for it and within no time it was completely filled. It so happened that the IPO was completely subscribed in less than an hour after the start of bidding.
Retail category subscription
After just one hour the situation was such that all categories had received at least 100 percent subscription. The maximum subscription of 2.13 times in the first one hour came in the category of non-institutional investors. Whereas the Qualified Institutional Investors category was subscribed 198 percent in the first hour. Retail investors portion was subscribed 135 percent in one hour.
So many bids came in one hour
In this way, after 1 hour of the start of bidding, the overall IPO was subscribed 1.60 times. The excellent response that Tata Tech’s IPO is getting from investors is not accidental. The market and market analysts had already guessed this. For this reason, the premium of Tata Tech had reached a record high of 70 percent in the gray market.
In fact, Tata Group has come up with an IPO for the first time in two decades. Before this, the last time Tata Group had launched the IPO of TCS was in 2002, which has now become the second largest company in the domestic stock market. Many shares of Tata Group have performed well in the market. Naturally, the eyes of investors were fixed on this IPO of Tata Group.
Tata Tech IPO details
This IPO, which opened from today, will remain open for bidding till November 24. The price band of Rs 475 to 500 has been fixed for this IPO. There are 30 shares of Tata Tech in one lot of IPO. That means a retail investor is going to need at least Rs 15,000 to invest in this IPO. Tata Tech shares will be allotted on 30th November. The listing of shares in the market will take place on December 5.
