Tata Technologies valued at nearly $7 billion after 180% surge in debut trade
The company, which provides engineering and technology services to auto, aero and heavy machinery makers, surged past its initial public offer (IPO) price of Rs 500 to debut at Rs 1,200. The stock scaled as high as Rs 1,400.
Investors oversubscribed the IPO by 69.43 times, the most among a string of IPOs last week, fetching bids for the company worth Rs 1.56 trillion.
Tata Technologies was among the top 10 most active stocks on Thursday, with 23.98 million shares traded by 10:08 a.m.
IST.
IT services provider Tata Consultancy Services, which listed in 2004, was the last Tata Group company to go public.
Tata Technologies reported a nearly 43% jump in consolidated net profit in the financial year ended March 31, 2023, while its revenue rose 25%.
Its top five clients, including parent Tata Motors, Britain's Jaguar Land Rover and Vietnam's VinFast, accounted for 60.5% of its revenue.
Shares of Tata Motors were trading 1.6% lower.
