Tata Technologies made a stunning entry into the stock market on Thursday, November 30. The company's shares were listed at Rs 1,200, reflecting a remarkable 140 percent premium over its issue price of Rs 500.
Moreover, after doubling investors' money, the share prices continued to rise and reached over the Rs 1,400 mark at one point today.
The company's shares commenced trading at Rs 1,200 on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), unveiling a remarkable 140 percent premium compared to its issue price of Rs 500.
This spectacular opening marked the Tata Group's first initial public offering (IPO) in nearly twenty years, captivating significant attention and garnering immense interest, oversubscribed by more than 69 times by the final bidding day.
Kyu pade ho chakkar mai— Vibhor Varshney (@nakulvibhor) November 30, 2023
Koi nahi hai takkar mai
Only Tata 🔥
Tata Tech IPO listed at 1200
That's 140% gains 👏
Rs 21000 profit per lot
Many many congratulations to those who got allotment 👍
Personally will book 50% positions here and will leave for long term
Don't add… pic.twitter.com/dGLiSSAoP6
Witnessing a surge to Rs 1,400 on both the BSE and NSE, the stock demonstrated a staggering premium of up to 180% over the upper limit of the IPO price range.
Amid its blockbuster listing, two hours into trading, TATATECH shares maintained a robust premium, trading at approximately Rs 1,336.3 and Rs 1,335 each, indicating a remarkable 167% premium.
This outstanding debut on Dalal Street instantly established Tata Technologies as the best stock market listing of 2023, doubling the wealth of fortunate IPO investors.
The company's remarkable financials, showcasing a nearly 43% surge in consolidated net profit and a 25% rise in revenue for the fiscal year ending March 31, 2023, significantly contributed to this success.
The IPO, valued at Rs 3,042.51 crore, was open for subscription from November 22 to November 24, featuring a price band between Rs 475 and Rs 500 per share. Notably, the IPO solely comprised an offer for sale (OFS), involving the sale of 6.09 crore equity shares by the promoter and investors.
Tata Technologies, a specialized Engineering Research & Development (ER&D) company and subsidiary of Tata Motors, predominantly operates within the automotive industry.
The resounding success of the Tata Technologies IPO, reaching a record-high valuation of Rs 1.56 lakh crore, marked a monumental achievement for Tata Group in its first IPO venture in over two decades.
The internet buzzed with memes and reactions celebrating this extraordinary feat, underscoring the significance of this landmark event in the stock market.
This success marked a significant achievement for Tata Group in its first initial public offering in the last two decades.