Tata Technologies IPO: The share allotment of Tata Technologies IPO, which was open for public subscription between November 22 and November 24, was finalised on Wednesday, November 29. The three-day issue of Tata Technologies was subscribed nearly 70 times.
The first Tata Group IPO in two decades received bids worth Rs 1.56 lakh crore for an offer size of just over Rs 3,000 crore. Tata Technologies will be listed on the bourses on Thursday, November 30. Axis Capital pegs the post-issue market cap between Rs 19,269 crore and Rs 20,283 crore.
Shares of Tata Technologies in the unlisted market are in heavy demand and the grey market premium (GMP) stood at Rs 392, according to reports.
It is important to note that GMPs are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
According to experts, the listing premium may be around 75-80 per cent over the issue price of Rs 500 per share.
This means the opening price for the stock may be Rs 875-900 per share, which experts attributed to the strong parentage, healthy financial performance, solid IPO subscription figures, and growth potential in the engineering services industry going ahead.
“Considering overwhelming investors demand along with investors friendly pricing indicating Tata Group legacy to reward shareholders, a strong listing gain over and above 75 per cent can be assumed against the issue price of Rs 500 per share,” Prashanth Tapse, research analyst, senior VP research at Mehta Equities said, adding there is a high possibility as per street assumption that Tata Technologies can be a doubler candidate post listing.
He believes the superb listing premium is justified mainly on the back of TATA parentage tag which enjoys first preference among investors community and its unique well established global business model which is fundamentally strong generating healthy margins in the sector it serves.
Given the growth potential in outsourcing, the business model would be in great demand going forward, he feels.
Also, the grey market is indicating the listing premium can be around 80-82 per cent over the issue price.
How to check Tata Technologies IPO allotment status Via BSE website
Step 1: Visit the official website of the BSE by Loggin into the direct BSE link bseindia.com/investors/appli_check.aspx
Step 2: Select ‘Equity’ under ‘Issue Type’
Step 3: Select ‘Issue Name’ –which can be either your application number or your PAN details
Step 4: Click on ‘I’m not a robot’ and then submit.
You can see the status of your Tata Technologies IPO application status on the screen.
Alternatively, you can also check Tata Technologies IPO allotment status through registrar Kfin Technologies’ website by logging onto kprism.kfintech.com/ipostatus.
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