Tata Technologies shares soared 140% on their stock market debut, surpassing the issue price of Rs 500. The IPO, subscribed 69.43 times, marks the first from Tata Group in nearly two decades.
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New Delhi, Nov 30 (PTI) Shares of Tata Technologies, an arm of Tata Motors, made a dream stock market debut on Thursday, listing with a huge premium of 140 per cent, against the issue price of Rs 500.
The stock of the company which provides engineering and product development digital services listed at Rs 1,199.95, registering a sharp jump of 139.99 per cent from the issue price on the BSE. It further zoomed 180 per cent to Rs 1,400.
At the NSE, it began the trade at Rs 1,200, rallying 140 per cent. The stock later jumped to Rs 1,400.
The company's market valuation stood at Rs 52,939.74 crore during the morning trade.
The Rs 3,042.5 crore initial public offer of Tata Technologies was subscribed 69.43 times on the final day of subscription on Friday, driven by remarkable participation from institutional buyers.
This was the first company from the Tata Group to float an initial public offer (IPO) in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004.
The IPO of Tata Technologies was fully subscribed within minutes of opening for bidding on Wednesday last week.
The public issue had a price band of Rs 475-500 per share.
Tata Technologies' public issue was entirely an Offer For Sale (OFS) of 6.08 crore equity shares.
In the equity market, the 30-share BSE Sensex traded 216.34 points lower at 66,685.57 while the Nifty declined 40.55 points at 20,055.45.
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