Tata Tech IPO subscribed 6
时间:2024-06-02 07:12:55 阅读(143)
Investors made a beeline for Tata Technologies’ initial public offering (IPO) on Wednesday, the first day of subscription, with the issue being fully subscribed within the first hour.
The Rs 3,042-crore IPO — the first public issue of a Tata group firm in over 20 years — saw a subscription of 6.54x on the first day. The price band for the offer, which closes on November 24, has been fixed at Rs 475-500 a share.
Among others, the portion reserved for employees of Tata Technologies was booked 1.1x, while that reserved for shareholders of Tata Motors was subscribed 9.3x.
Reports said there was a strong demand in the grey market, with shares trading at a 70% premium over the upper price band thanks to the healthy performance of the firm in the past years and strong industry growth prospects, besides the Tata brand name.
On Tuesday, the company had raised raised Rs 791 crore from anchor investors.
Most brokerages have given a thumbs-up to the issue and have recommend a ‘buy’, thanks to its encouraging prospects.
According to a note by Motilal Oswal, the global rngineering research and development (ER&D) spend is expected to grow 10% CAGR to $2.7 trillion by 2026, with third party outsourcing expected to grow faster at 14-17% for Indian entities.
The largest ER&D vertical — automotive — is seen growing at 7% CAGR by 2026 to $27-29 billion, led by disruption in the automotive industry thanks to autonomous, connected, electrification, and shared mobility, it added.
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