How Tata Technologies IPO Ranks Among This Year's Maiden Offers

The initial public offering of Tata Technologies Ltd. was subscribed nearly 70 times on the final day. While several smaller IPOs generated higher demand, Tata Technology issue received the highest number of applications, surpassing Life Insurance Corp.

The Rs 3,042 crore offer of Tata Technologies, a first from the Tata stable in nearly two decades, was subscribed 69.43 times as of 5:12 pm on its final day. In comparison, Plaza Wires Ltd., IdeaForge Technology Ltd., and Utkarsh Small Finance Bank Ltd., with an issue size less than a fifth of Tata Technologies, received a subscription of over 100 times, the highest for the year.

SBFC Finance Ltd., ESAF Small Finance Bank Ltd., and Senco Gold Ltd., with a smaller issue size, pipped the Tata firm by garnering subscriptions of 70 times, 73 times and 73.3 times, respectively.

Among the large issuances, the Tata company received the maximum demand, followed by JSW Infrastructure Ltd. and the recently closed Indian Renewable Energy Development Agency Ltd.

The bids for Tata Technologies were led by institutional investors (203.41 times), non-institutional investors (62.09 times), and retail investors (16.39 times).

Among the six companies that tapped the primary market to raise over Rs 7,300 crore collectively this week, Tata Technologies received the most, followed by Flair Writing Industries Ltd. and Gandhar Oil Refinery India, as of 4:30 p.m.

Considering the IPO price band of Rs 475–500 and diluted earnings per share of Rs 15.37, Tata Technologies enjoyed a price-to-earnings ratio of 32.5–30.8 times in the fiscal ended March 31.