Tata Motors' promoter Tata Technologies sold its IPO in the range of Rs 475-500 apiece with a lot size of 30 equity shares. The issue was open for bidding between November 22-24. 
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Tata Motors' promoter Tata Technologies sold its IPO in the range of Rs 475-500 apiece with a lot size of 30 equity shares. The issue was open for bidding between November 22-24. Tata Technologies's premium in the grey market has affirmed its place considering the heavy demand for the Tata Group counter in the unofficial market. The grey market premium of Tata Technologies has made a strong comeback after the weekend's maringal dip after the closure. Last heard and checked from various sources, Tata Technologies was commanding a premium of Rs 410-420 per share in the grey market, against the upper end of its price band at Rs 500 apiece. The hefty premium in the unofficial market is suggesting a listing pop of 82-84 per cent from the allottee. It had dropped to Rs 395-400 over the weekend. Tata Motors' promoter Tata Technologies sold its IPO in the range of Rs 475-500 apiece with a lot size of 30 equity shares. The issue was open for bidding between November 22-24 to raise a total of Rs 3,042.51 crore. The issue was entirely an offer for sale by the promoter and other selling shareholders of the company. Dealers, tracking the issue, say that the premium may increase once the allotment is out, but the chances are slim. However, the heavy subscription by all investor categories and strong promoter background of the renowned Tata Group. They are also positive on growth in the operational sectors and attractive pricing for the issue. The issue saw a huge demand across all the categories of investors and attached overall 73,58,222 bids, during the three-day bidding process, worth more than Rs 1 lakh crore. The issue was overall subscribed a strong 69.43 times. It had separate reservations for eligible employees and shareholders of Tata Motors Ltd and Tata Motors DVR Ltd. Category-wise, the portion for qualified institutional bidders was subscribed a stellar 203.41 times, while the portion reserved for non-institutional investors saw 62.11 times bidding. The allocation reserved for retail investors, shareholders of Tata Motors and eligible employees was booked 16.50 times, 29.20 times and 3.70 times, respectively during the bidding process.
Watch: Paytm's parent company One97Communications, Zomato, Delhivery: Start-ups in BT500 List JM Financial, Citigroup Global Markets and BofA Securities are the lead managers of the Tata Tech IPO, while Link Intime India is the registrar for the issue. The allotment status of the company is likely to be announced on Tuesday, November 28 after the market's holiday on Monday. Shares of Tata Technologies shall be listed on both BSE and NSE on Friday, November 30. Tata Technologies is a global engineering services company by Tata Group, which offers product development and digital solutions. Incorporated in 1994, the Tata Motors promoter entity offers turnkey solutions, to global original equipment manufacturers (OEMs) and their tier-I suppliers across the globe.
Investors, who bid for the issue of Tata Technologies, can check the allotment status on the BSE website's IPO application check page. Check-in equity, under the issue type and select Tata Technologies Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at 'I am not a Robot' before hitting the submit button. Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of Tata Technologies in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit 'search' to get the allotment status for your application.
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