NEW DELHI: The Initial Public Offer (IPO) of Tata Technologies, which provides engineering and product development digital services, was fully subscribed within minutes of opening for subscription on Wednesday.
This is the first company from Tata Group to float an initial public offer in nearly two decades.
Tata Consultancy Services was the last IPO from the group in the year 2004.
The Rs 3,042.5 crore IPO received bid for 8,73,22,890 shares against 4,50,29,207 shares on offer, translating into 1.94 times subscription as per NSE data till 11:21 hrs.
The category for non-institutional investors was subscribed 2.72 times while the quota for Qualified Institutional Buyers (QIBs) received 1.98 times subscription.
The portion for Retail Individual Investors (RIIs) got subscribed 1.63 times.
Tata Technologies, an arm of Tata Motors, on Tuesday said it has collected Rs 791 crore from anchor investors.
The public issue, with a price band of Rs 475-500 per share, will conclude on November 24.
Tata Technologies' public issue is entirely an offer-for-sale (OFS) of 6.08 crore equity shares.
Under the OFS, Tata Motors will offload 4.63 crore shares, representing 11.4 per cent stake, private equity firm Alpha TC Holdings will sell 97.17 lakh shares or 2.4 per cent stake, and Tata Capital Growth Fund I will do away with 48.58 lakh shares or 1.2 per cent of the shareholding.
JM Financial, Citigroup Global Markets and BofA Securities are the book-running lead managers to advise the company on the IPO.
Equity shares of Tata Technologies will be listed on BSE and NSE.