According to NSE statistics as of 11:21 a.m., the Rs 3,042.5 crore IPO got bids for 8,73,22,890 shares against 4,50,29,207 shares on sale, equating into 1.94 times subscription.

Tata Technologies’ Initial Public Offering (IPO), which provides engineering and product development digital services, was completely subscribed minutes after it opened for subscription on Wednesday.

According to NSE statistics as of 11:21 a.m., the Rs 3,042.5 crore IPO got bids for 8,73,22,890 shares against 4,50,29,207 shares on sale, equating into 1.94 times subscription.

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Non-institutional investors were subscribed to 2.72 times, while Qualified Institutional Buyers (QIBs) were subscribed to 1.98 times.

The retail individual investor (RII) part was subscribed to 1.63 times.

Tata Technologies, a subsidiary of Tata Motors, said on Tuesday that it had received Rs 791 crore from anchor investors.

This is the first initial public offering from the Tata Group in over two decades. Tata Consultancy Services was the group’s final initial public offering (IPO) in 2004.

The public offering, which has a price range of Rs 475-500 per share, will end on November 24.

The public offering of Tata Technologies is fully an offer-for-sale (OFS) of 6.08 crore equity shares.

Under the OFS, Tata Motors would sell 4.63 crore shares, representing a 11.4 percent interest, private equity company Alpha TC Holdings will sell 97.17 lakh shares, representing a 2.4 percent stake, and Tata Capital Growth Fund I will sell 48.58 lakh shares, representing a 1.2 percent stake.

The book-running lead managers for the IPO are JM Financial, Citigroup Global Markets, and BofA Securities.

Tata Technologies’ equity shares will be listed on the BSE and NSE.

At 15:48 IST, the subscription status for Tata Technologies is 5.81 times.

The retail investors component of the Tata Tech IPO has been subscribed 5.81 times, the NII portion has been subscribed 10.13 times, and the QIB portion has been booked 3.98 times.

At 15:30 IST, the subscription status for Tata Technologies is 5.56 times.

The retail investors component of the Tata Tech IPO has been subscribed to 4.55 times, the NII portion has been subscribed to 9.52 times, and the QIB portion has been booked 3.98 times. 87% of the employee component has been subscribed to. The shareholder’s portion has been booked 7.81 times.

According to BSE statistics, the Tata Technologies IPO got bids for 25,05,30,300 shares vs 4,50,29,207 shares on offer.