Can Tata Technologies Become A Large Cap?

Amid a day of breaking records, Tata Technologies Ltd.'s market capitalisation reached the level of large-cap companies after listing at a premium of 140% on Thursday.

The company's market capitalisation stood at Rs 53,315 crore, surpassing the level of some large-cap companies in the Nifty 100 index.

UPL Ltd., which is included among large-cap companies, currently has a market cap of Rs 43,585 crore.

The Securities and Exchange Board of India defines large-cap companies as those that rank among the top 100 on the basis of their average full market capitalisation over a six-month period.

Earlier in the day, it broke the record for the highest listing this year, breaking the earlier record set by IdeaForge Technology Ltd., which listed at a premium of 94.2%.

Shares of Tata Technologies surged as much as 180% during the day at Rs 1,400 apiece in early trades before closing at Rs 1,327, which is a premium of 165% over its issue price of Rs 500.

The initial public offering for the company began accepting applications on Nov. 22 when it became the fastest IPO this year to be fully subscribed.

It received the issue amount of Rs 3,042 crore within 36 minutes of opening.

On the final day, the IPO received a total demand of 69.49 times the desired amount.