Tata Technologies makes a bumper listing, soars 140 per cent on debut.
Shares of Tata Technologies made a strong debut on the bourses on Thursday, listing at ₹1,200 on the exchanges, which is a premium of 140 per cent to the issue price of ₹500.
The stock touched a high of ₹1,400 on the BSE and is trading at ₹1,300 levels at 10:15 am.
Tata Group’s first initial public offering (IPO) in almost 20 years was subscribed over 69 times last week on the final day. The issue got a record 73 lakh applications.
The company was expected to make a bumper listing, with grey market premium rising over 80 per cent.
Shivani Nyati, Head of Wealth, Swastika Investmart said: “The overwhelming response to the IPO was evident in its staggering oversubscription. This robust investor interest reflects the company’s strong fundamentals and promising growth prospects and of course the legacy of the Tata group. 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.”