Tata Technologies IPO Day 2: Check latest GMP, subscription status, other details. Should you apply?
Also Read: Tata Technologies IPO open for subscription: GMP, issue details, 10 key things to know before you invest Tata Technologies is a subsidiary of automobile major Tata Motors and is a pure-play manufacturing focused Engineering Research & Development (ER&D) company, primarily focused on the automotive industry. Tata Technologies IPO issue size is ₹3,042.51 crore which is entirely an offer for sale (OFS) of 6.09 crore equity shares by the promoter and investors.
The IPO price band has been set at ₹475 to ₹500 per share. Read Tata Technologies IPO Latest Updates here Promoter Tata Motors will offload 4.62 crore equity shares worth ₹2,313.75 crore in the OFS, while investors Alpha TC Holdings Pte Ltd will sell 97.17 lakh shares and Tata Capital Growth Fund I will offload 48.58 lakh shares in the Tata Technologies IPO.
Most analysts have advised subscribing to the Tata Technologies IPO because of the company’s improving financials, strong brand legacy and reasonable valuations. Brokerage firm Motilal Oswal Financial Services said it likes Tata Technologies and recommended ‘Subscribe’ given its niche presence, strong parentage and strategic partnership with marquee clients.
“This along with Tata Tech’s focus on diversifying its offerings and clients, puts it in a sweet spot to tap huge outsourcing opportunities in ER&D space. The IPO is attractively priced at 29x 1HFY24 P/E (on an annualized basis) which is at a discount to its peers.
Tata Group is coming with an IPO after a gap of 19 years, catching investors fancy and hence could see listing gains as well," said Motilal Oswal Financial Services. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest
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