Tata Tech has bumper listing

Tata Technologies is pretty much the scene stealer today; as against the IPO price of Rs.500, the stock got listed on the BSE at Rs.1199.95 and soon rose to an intraday high at Rs.1400 and is currently trading at Rs.1304.

The IPO had got a fantastic response with an overall subscription of 69.43-times, with QIBs taking the biggest chunk at 203.4x, followed by HNIs at 62.11x and Retail Investors at 16.5x.

The company is  #1 Indian engineering service provider in the automotive space, with special focus on development and launch of electric vehicles (EVs).

In our IPO Analysis, we had concluded – the company caters to the promising clean energy sector, with business enjoying its own niche. Despite the 24% premium to last transaction price, fundamentals justify the current IPO price. Hence, we recommend ‘applying’ in the IPO.