Team Blitz India
NEW DELHI: Four of the five initial public offerings (IPOs) that hit the market this week got an overwhelming response, as attractive valuations and the possibility of sizeable listing gains drew investors.
The non-institutional money from retail and high-net-worth individuals that was blocked across the five IPOs is estimated to be in the vicinity of Rs 1 lakh crore. The number of applications were on the higher side as well. Tata Technologies and IREDA, for instance, saw over 73 lakh and 30 lakh applications, respectively.
Tata Technologies’ offering, the first from the Tata Group in 20 years since TCS, was oversubscribed 69 times as of 5 pm. on November 24.
The quota for qualified institutional buyers was subscribed to over 200 times, while that for non-institutional investors was subscribed to 62 times. The retail, shareholder, and employee portions were subscribed 16.5, 29.2, and 3.7 times, respectively.
