Tata Tech IPO breaks LIC record by getting 73.58 lakh applications
LIC, whose initial public offering was worth Rs 21,000 crore, by garnering a record number of 73.58 lakh applications.
Tata Tech IPO was oversubscribed 69.43 times as investors poured in Rs 1.57 lakh crore by making 73.58 lakh applications. The issue closed for subscription on Friday.
In terms of the number of applications, Tata Tech has broken LIC's record of 73.38 lakh applications in May 2022.
On Dalal Street, Reliance Power is at the third place as it had got 48 lakh IPO applications in January 2008.
Tata Tech IPO
Tata Tech IPO saw huge investor interest with the QIB portion getting subscribed 203 times, with the HNI portion receiving bids 62 times the amount on offer.
The retail segment saw a subscription of 16.5 times.
The IPO is likely to get listed on stock exchanges next week but the date is yet to be announced.
The IPO is an OFS of 65,850,278 shares with promoter Tata Motors and two other investors — Alpha TC Holdings and Tata Capital Growth Fund-I — selling their stakes.
Tata Technologies is a pure-play manufacturing focused Engineering Research & Development company, primarily focused on the automotive industry and they are currently engaged with 7 out of the Top-10 automotive ER&D spenders and 5 out of the 10 prominent new energy ER&D spenders in 2022.
They have also recently been empanelled by Airbus which is expected to become a strong avenue of growth.
With the grey market signalling listing gains of around 70%, brokerages also told investors to subscribe for the issue for both listing gains on Day 1 as well as for the long term.
Following the IPO, Tata Motors' stake in Tata Tech will go down from 64.79% to 53.39%. At the upper price band, the manufacturing-focused engineering research and
