MUMBAI: Applicants in the Rs 3,043-crore Tata Technologies maiden offering, who got shares of the company at Rs 500 apiece, saw their holding jump more than 2.5 times on Thursday. The
stock
listed at Rs 1,200, touched a high at Rs 1,400 and closed the day at Rs 1,314 – up 163% or 2.6 times the
IPO
price.
Two other companies – Gandhar Oil Refinery and Fedbank Financial Services – also listed on the same day.
Gandhar Oil listed at Rs 295, a 75%
premium
over its IPO price of Rs 169, and closed at Rs 302. Fedbank Financial, on the other hand, saw a muted
listing
, with the stock barely changed from its IPO price of Rs 138 on its stock market debut. It closed at Rs 145 – just a 2% premium to the offer price.
Last week, when these three companies had closed their bidding rounds for the IPO,
Tata Tech
‘s offer was subscribed 69 times, Gandhar Oil’s 64 times and Fedbank Financial’s 2.2 times. In the run up to the listing of these stocks on Thursday, the grey market premium – the markup over the stock’s IPO price to its listing price – also had risen substantially.
The debut day surge in Tata Tech gave it a market capitalisation of Rs 53,315 crore, putting it at the ninth place among all Tata Group companies. The IPO was the first by a Tata Group company in nearly 20 years and saw very strong investor response, market players said.
