Tata Tech IPO Sees Stellar Response, Bids Reach Rs 1.56 Lakh Crore, Setting Stage for Growth

Tata Technologies Limited’s initial public offering (IPO) witnessed an overwhelming response from investors, with bids reaching a staggering Rs 1.56 lakh crore on the final day of subscription. The issue was subscribed 69.4 times, indicating strong demand for shares in the IT services company.

  • Qualified Institutional Buyers (QIBs): Subscribed 203.41 times, bidding for shares worth Rs 1,07,269.70 crore.
  • Non-Institutional Investors (NIIs): Subscribed 62.11 times, with bids totaling Rs 24,566.19 crore.
  • Retail Individual Investors (RIIs): Subscribed 16.50 times, with total bids worth Rs 15,230.83 crore.
  • Employee segment: Subscribed 3.70 times.
  • Other categories: Subscribed 29.20 times.

IPO Subscription Details

Day-wise Subscription:

  • Day 1 (November 22, 2023):
    • QIB: 4.08 times
    • NII: 11.93 times
    • Retail: 6.05 times
    • EMP: 1.27 times
    • Other: 5.61 times
    • Total: 6.34 times
  • Day 2 (November 23, 2023):
    • QIB: 8.55 times
    • NII: 31.19 times
    • Retail: 11.56 times
    • EMP: 2.47 times
    • Other: 20.48 times
    • Total: 15.10 times
  • Day 3 (November 24, 2023):
    • QIB: 203.41 times
    • NII: 62.11 times
    • Retail: 16.50 times
    • EMP: 3.70 times
    • Other: 29.20 times
    • Total: 69.43 times

Category-wise Subscription:

  • Qualified Institutions: 203.41 times
  • Non-Institutional Buyers: 62.11 times
  • Retail Investors: 16.50 times
  • Employees: 3.70 times
  • Others: 29.20 times
  • Total: 69.43 times

IPO Size and Price Band:

  • Offered Shares: 45,029,207
  • Shares Bid for: 3,12,64,92,240
  • Total Amount (₹ Cr.): 1,56,324.61
  • Price Range: ₹475 to ₹500 per share

Impact on Company Post-IPO

  • Market Positioning: After listing, Tata Technologies will rival other midcap tech companies like Tata Elxsi, KPIT Technologies, Cyient, and L&T Technology Services.
  • Market Cap Comparison: Based on the upper price band, Tata Tech’s market cap is around ₹20,283 crore, compared to higher market caps of its peers.
  • Financial Metrics:
    • Return-on-Equity (ROE): 23.7% for Tata Tech by the end of FY23.
    • CAGR in Revenue (FY20-FY23): 15.7% for Tata Tech.
    • CAGR of PAT: 35.4% for Tata Tech.
    • Price-to-Equity Ratio: Lowest among peers at 28.8x.
  • Listing Scenarios: Based on different revenue CAGR assumptions for FY23-FY26, Tata Tech’s valuation varies. Scenarios range from an attractive valuation with 18% revenue CAGR to a more conservative 10% CAGR.
  • Business Focus: Tata Tech is a global engineering services company focusing on sectors like Automotive, Aerospace, and Transportation.

The IPO was a significant event for Tata Technologies, marking the first Tata Group-backed company to go public in 19 years. The overwhelming response from investors indicates strong market confidence in the company’s future prospects.

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