The Rs 3,042-crore Tata Technologies IPO, Tata’s first IPO in nearly two decades, was subscribed 69.37 times at 4:30 pm on the last day.
In comparison, Plaza Wires, IdeaForge Technology and Utkarsh Small Finance Bank, with an issue size of less than a fifth of Tata Technologies, received subscriptions over 100 times, the highest in the year.
SBFC Finance, ESAF Small Finance Bank and Senco Gold, with a smaller issue size, outperformed the Tata firm by receiving subscriptions of 70x, 73x and 73.3x respectively.
Among the major issues, Tata received the most offers, followed by JSW Infrastructure and the recently closed Indian Renewable Energy Development Agency.
The bids for Tata Technologies were led by institutional investors (203.41 times), non-institutional investors (62.09 times) and retail investors (16.39 times).
Among the six companies that leveraged the primary market to raise a total of over Rs 7,300 crore this year, Tata Technologies received the most, followed by Flair Writing Industries Ltd. and Gandhar Oil Refinery India (as of 4:30 p.m.).
Considering the IPO price band of Rs 475-500 and diluted earnings per share of Rs 15.37, Tata Technologies posted a price-earnings ratio of 32.5-30.8 in the financial year ended March 31.
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