New Delhi: The much hyped Initial Public Offer (IPO) of Tata Technologies was fully subscribed within minutes of opening for subscription on Wednesday (November 22). The public issue, with a price band of Rs 475-500 per share, will conclude on November 24.

The Rs 3,042.5 crore IPO received bid for 8,73,22,890 shares against 4,50,29,207 shares on offer, translating into 1.94 times subscription as per NSE data till 11:21 hrs. The category for non-institutional investors was subscribed 2.72 times while the quota for Qualified Institutional Buyers (QIBs) received 1.98 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 1.63 times.

This is the first company from Tata Group to float an initial public offer in nearly 20 years – the last IPO being Tata Consultancy Services’ in 2004.

Meanwhile, Tata Technologies has said that it has collected Rs 791 crore from anchor investors on Tuesday ahead of its initial share-sale opening. Goldman Sachs (Singapore) Pte, Copthall Mauritius Investment Ltd, Government Pension Fund Global, are among the anchor investors. 

JM Financial, Citigroup Global Markets and BofA Securities are the book-running lead managers to advise the company on the IPO.

Master Capital Services Ltd commenting on Tata Technologies IPO told Zee Media, “Tata Technologies is a leading global engineering services company with deep expertise in the automation industry. The company posted consistent growth in revenue and margins in the last few years. Tata is known as investor investor-friendly group and enjoys special preference amongst investors. The company has differentiated capabilities in new age automation trend EVs. Investors can invest in the Tata Group IPO with a long-term perspective.”