Why mutual funds rushed to invest in Tata Technologies IPO?
New Delhi: The Initial Public Offer (IPO) of Tata Technologies, which provides engineering and product development digital services, was fully subscribed within minutes of opening for subscription on Wednesday. This is the first company from Tata Group to float an initial public offer in nearly two decades. Tata Consultancy Services was the last IPO from the group in the year 2004. The Rs 3,042.5 crore IPO received bid for 8,73,22,890 shares against 4,50,29,207 shares on offer, translating into 1.94 times subscription as per NSE data till 11:21 hrs. The category for non-institutional investors was subscribed 2.72 times while the quota for Qualified Institutional Buyers (QIBs) received 1.98 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 1.63 times. Tata Technologies, an arm of Tata Motors, on Tuesday said it has collected Rs 791 crore from anchor investors.
