After making a bumper debut on the stock market, the share prices of Tata Technologies have seen a major spike. Achieving a historic feat in the Indian stock market in 2023, Tata Technologies shares have grown three-fold after its issue listing.
The Tata Technologies IPO was opened on November 22, and closed on November 24. While the IPO was entirely an offer for sale (OFS) for 6.08 crore equity shares, the share prices of the company saw the mammoth’s share of the benefit.
On Thursday, Tata Technologies shares commenced trading at ₹1,200 on the National Stock Exchange (NSE) and ₹1,199 on the Bombay Stock Exchange (BSE), marking a 140 percent premium over the initial public offering price band.
The issue price of the Tata subsidiary IPO was ₹475 to ₹500, while the current share price seeing a 180 percent growth. The shares skyrocketed to ₹1400 in the early trade hours on Thursday, and later mildly dipped to ₹1338.95 at 12 pm.
Meanwhile, the market valuation of the company also saw a significant spike, recorded at ₹54,353 crore on the BSE today. Tata Technologies shares soared high despite Nifty 50 index trading 0.18 per cent lower at the time and benchmark Sensex slipping 0.29 per cent on Thursday.
Tata Technologies IPO highlights
The Tata Group issued its first IPO in 20 years with Tata Technologies, opening the bidding window from November 22 to November 24. The price band was set to ₹475 to ₹500 and the lot size was the purchase of minimum 30 shares.
If gains hold, Tata Technologies is on track to post the biggest jump for domestic listings so far this year as well as among the best ever listing-day gains in India, according to LSEG data. The firm is also close to touching the USD 7 billion valuation mark due to its successful IPO listing.