Tata Technologies (Tata Tech) is set to finalise the basis of the allotment of its equity shares by Tuesday, November 28, or maybe over the weekend. Bidders, who will receive the allotment of equity shares will begin getting alerts, mails and messages for amount debit or revocation of the mandate by Tuesday, November 28, as markets are closed on Monday, November 27.
Tata Technologies sold its IPO in the range of Rs 475-500 apiece with a lot size of 30 shares, which was open for bidding between November 22 and November 24. The Tata group company raised a total of Rs 3,042.51 crore via IPO route, which was entirely an offer-for-sale (OFS) of up to 6,08,50,278 equity shares by its promoter and selling shareholders.
The issue was overall subscribed a strong 69.43 times as of 5 PM and 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 saw 62.11 times bidding. The allocation reserved for retail investors was booked 16.50 times during the three-day bidding process.
Tata Technologies has reserved some shares for the eligible employees of the company and shareholders of Tata Motors Ltd, the promoter of the company. The allocation set aside for both categories of investors was subscribed 29.20 times and 3.70 times, respectively.
Grey market premium (GMP) of Tata Technologies has jumped after a strong buying interest from all categories of investors. Last heard, Tata Tech was commanding a premium of Rs 415-420 apiece in the unofficial market, suggesting a listing pop of more than 80 per cent for the investors. However, it was around Rs 380-390 per share, during the bidding period.
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JM Financial, Citigroup Global Markets India and BofA Securities India are the lead managers of the Tata Tech 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 the upcoming week will observe a stock market holiday on Monday, November 27.
Tata Technologies is a global engineering services company by Tata Group, which offers product development and digital solutions. Incorporated in 1994, the Tata Motors promoter entity offers 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 it and have suggested investors to subscribe to the issue. They see a strong management and promoter background, robust balance sheet, attractive valuations and solid growth potentials in emerging sectors as the key positives for the issue.
How to check the status
Investors, who bid for the issue of Tata Technologies, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select Tata Technologies Limited in the dropbox; type-in the application number and add the PAN card number before “checking in” at ‘I am not a Robot’ before hitting the submit button.
Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of Tata Technologies in the dropbox.
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Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit ‘search’ to get the allotment status for your application.
