Bumper stock market debut for Tata Technologies with 140% premium

New Delhi [India], November 30 (ANI): It's really a good morning for those who have subscribed to initial public offerings of Tata Technologies, and were lucky enough to have got the stock allocated against their name, as the Tata Group company on Thursday made its stock market debut with a bumper 140 per cent premium over its issue price.
The initial public offering (IPO) of Tata Technologies, the first by a Tata Group entity in 20 years, was widely tracked by the investors. Tata Consultancy Services was the last IPO from the group back in 2004.
Tata Group's Tata Technologies shares on Indian stock exchanges listed at Rs 1,200 against its issue price of Rs 500. It rose further to trade at Rs 1,307 at 10.24 am.
The Tata Company's much-awaited IPO had received heavy interest from all categories of investors, with reportedly over 73.38 lakh total applications.
The public offer was subscribed 69.43 times, with the quota reserved for qualified institutional buyers (QIBs) getting booked as high as 203.41 times.
Tata Technologies had opened its IPO for subscriptions from November 22 to 24
"This robust investor interest reflects the company's strong fundamentals and promising growth prospects and of course the legacy of the Tata group," Shivani Nyati, Head of Wealth, Swastika Investmart Ltd said after the listing.
"The listing of Tata Technologies is a positive development for the company and the engineering services sector. Investors who participated in the IPO should consider holding on to their shares for the long term, as the company is well-positioned for sustained growth," Shivani Nyati added.
The shares of Gandhar Oil Refinery too listed on the Indian bourses today.
Data showed Gandhar Oil Refinery India Limited made its stock market debut, by listing on the BSE and NSE at Rs 298 per share, 76 per cent higher than its IPO price of Rs 169.
"The IPO was subscribed 64.05 times, which is significantly higher than the expected. This strong response from investors could be due to a number of factors, including the company's strong track record of growth and profitability, its diversified customer portfolio, and its strong distribution network," Nyati added.
"Overall, the listing of Gandhar Oil Refinery India Limited was a success. The company's strong fundamentals, robust demand for the IPO, and strong listing price suggest that the company is well-positioned for growth in the future. However, investors may consider to book profit in it once," she added. (ANI)