Tata Technologies (Tata Tech) is expected to decide the basis for allotment of its shares by Tuesday, November 28, or possibly the weekend. Bidders who receive the allotment of shares will receive notifications, emails and messages to debit the amount or revoke the mandate from Tuesday, November 28th as the markets will be closed on Monday, November 27th.
Tata Technologies sold its IPO in the range of Rs 475-500 apiece with a lot size of 30 shares, which was open for tender between November 22 and 24. The Tata group company raised a total of Rs 3,042.51 crore through the IPO route which was exclusively an offer for sale (OFS) of up to 6,08,50,278 shares by its promoter and selling shareholders.
The issue was heavily subscribed a total of 69.43 times till 5:00 pm and attracted bids worth Rs 1.56 lakh crore for an issue size of Rs 2,200 crore, excluding the anchor portion. The portion for qualified institutional bidders was subscribed a whopping 203.41 times, while the portion reserved for non-institutional investors was bid 62.11 times. The allocation reserved for retail investors was booked 16.50 times during the three-day bidding process.
Tata Technologies has reserved some shares for eligible employees of the company and shareholders of Tata Motors Ltd, the promoter of the company. The allotment intended for both categories of investors was subscribed 29.20 times and 3.70 times respectively.
Tata Technologies’ gray market premium (GMP) has surged due to strong buying interest from all categories of investors. It was recently revealed that Tata Tech fetched a premium of Rs 415-420 apiece in the unofficial market, indicating a stock market gain of more than 80 percent for investors. However, during the offer period, the price was around Rs 380-390 per share.
JM Financial, Citigroup Global Markets India and BofA Securities India are the lead managers of Tata Tech’s IPO, while Link Intime India is the registrar for the issue.
Shares of Tata Technologies will be listed on both BSE and NSE on Friday, November 30 as there will be a stock market holiday on Monday, November 27 next week.
Tata Technologies is a global engineering services company within the Tata Group that provides product development and digital solutions. Founded in 1994, Tata Motors provides turnkey solutions to global original equipment manufacturers (OEMs) and their Tier I suppliers across the globe.
Most brokerage firms tracking the issue are positive about the issue and have recommended investors to subscribe to the issue. They see a strong management and promoter background, a robust balance sheet, attractive valuations and solid growth potential in emerging sectors as the key positive aspects of the issue.
How to check the status
Investors making a bid for the Tata Technologies issue can check the allotment status on the IPO application screening page of the BSE website. Enter equity, select “Tata Technologies Limited” under “Issue Type” in the dropbox. Enter the application number and add the PAN card number before checking in at I am not a robot and then click on the submit button.
Allotment status can also be checked through the online portal of Link Intime India, the issue registrar. Visit the Link Intime web portal and select Tata Technologies IPO from the dropbox.
Enter either PAN Card Number, Application Number or DP Client ID as the selected tab and click on Search to get the quota status for your application.
Also Read: Tata Tech IPO subscribed 22.25x on third day so far; The issue ends today
Also Read: Tata Motors will have no operational influence on Tata Tech: Warren Harris
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