Tata Technologies IPO: Firm surpasses Reliance, Nykaa with 51 lakh applications - Hindustan Times

Tata Technologies IPO Day 3: Firm surpasses Reliance, Nykaa with 51 lakh applications

ByVaishnawi Sinha
Nov 24, 2023 08:42 AM IST

Today is the last day to subscribe to Tata Technologies IPO as it has set a record with highest ever number of applications in two days for a firm.

Tata Technologies will be closing its window to subscribe for its initial public offering (IPO) on Friday, November 24. Tata Technologies was one of the most awaited IPOs of the year and has exceeded all expectations when it comes to the first two days of the applications.

Tata Technologies IPO Day 3: The firm overtakes Reliance and Nykaa with highest number of applications.
Tata Technologies IPO Day 3: The firm overtakes Reliance and Nykaa with highest number of applications.

The Tata Technologies IPO subscriptions status at the end of Day 2 of the issue stands at 15.1 times. The Tata Group firm saw a massive number of applications in the first two days, setting a record for the most subscribed IPO by a private company.

Hindustan Times - your fastest source for breaking news! Read now.

According to domestic brokerage Nuvama Institutional Equities, Tata Technologies IPO set the record for the most subscribed issue by a private company after a whopping 51 lakh applications were recorded in the first two days.

With its massive application number, Tata Technologies IPO has surpassed companies such as Nykaa, Reliance Power and Zomato. Further, firms such as SBI Securities and Swastika also have the issue a 'subscribe' tag, deeming it beneficial for all investors.

SBI Securities said in its report, "At the upper price band of 500, Tata Technologies is trading at 32.5x FY23 P/E multiple. Its peers are trading at a relatively expensive valuation with FY23 P/E multiple of 108.9x for KPIT, 68.5x for Tata Elxsi and 40.1x for LTTS. We believe, Tata Technologies is well placed to encash on the growth opportunities in ER&D space and looking at the relatively cheaper valuations, we recommend investors to SUBSCRIBE to the issue."

Tata Technologies IPO: Price band and lot size

The lower and upper price band of Tata Technologies IPO is 475 and 500 respectively. Applicants can buy a minimum of 30 shares, which means that the minimum investment must be 14,250, if calculated using the lower price band ( 475).

When calculated by the upper price band of the issue, Tata Technologies valuation as per the IPO has been fixed at 20,283 crore. The grey market premium of the IPO is currently at 403. The GMP of the company remained stable for a week before the IPO was launched, reflecting its desirability for the subscribers.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News, Vijay Shekhar Sharma along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
Share this article
Story Saved
Live Score
Saved Articles
My Reads
Sign out
New Delhi 0C
Friday, March 01, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On