Tata Technologies’ IPO in India was oversubscribed within hours of the first day of bidding

A Tata sign is seen outside their offices in London, United Kingdom on March 30, 2016. REUTERS/Toby Melville/File Photo Acquire License Rights

BENGALURU, Nov 22 (Reuters) – India’s Tata Technologies’ highly anticipated initial public offering (IPO) was oversubscribed within hours of the offering opening on Wednesday, signaling strong demand for Tata Group’s first initial public offering in nearly two decades .

At the upper end of the price range of 475 to 500 rupees, the company attracted offers worth 55.23 billion rupees ($663.47 million) on Wednesday afternoon.

Investors oversubscribed the IPO by 2.45 times, bidding for more than 110.4 million shares compared to the 45 million shares on offer, exchange data showed.

($1 = 83.2440 Indian rupees)

Reporting by Rama Venkat in Bengaluru; Editing by Sonia Cheema

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