Tata Tech IPO subscribed 70 times

New Delhi, November 24

The Rs 3,042.5-crore initial public offer (IPO) of Tata Technologies, which provides engineering and product development digital services, was subscribed 69.43 times on the final day of subscription on Friday, driven by remarkable participation from institutional buyers.

This is the first company from the Tata Group to float an IPO in nearly two decades. TCS was the last IPO from the group in 2004. The initial share sale received bids for 3,12,64,91,040 shares against 4,50,29,207 shares on offer, as per the NSE data.

The category for qualified institutional buyers (QIBs) was subscribed a mammoth 203.41 times, while the part meant for non-institutional investors attracted 62.11 times subscription.