IPO Update Busy day for investors as 5 IPOs witness handsome bidding ; Tata Tech IPO sees robust subscription
by mydhanush on 23 November 2023, 4 min read
Investor enthusiasm for the Tata Technologies IPO remained strong, with 39.44 crore equity shares purchased by the second day of bidding. During the final day of bidding, IREDA IPO witnessed a subscription rate of 5.76 times, as investors bid for 271.3 crore shares against an offer size of 47.09 crore.
It was a busy day for stock market investors as five IPOs witnessed bidding including names like Tata Technologies, Flair Writing Industries, Fedbank Financial Services, IREDA and Gandhar Oil Refinery’s initial public offerings entering Day 2 on November 23.
Investor enthusiasm for the Tata Technologies IPO persisted, evidenced by the purchase of 39.44 crore equity shares by the second day of bidding. This robust demand resulted in an 8.76 times subscription against an offer size of 4.5 crore shares.
The response remained strong from all categories of investors with high net-worth individuals subscribing 16.73 times the allotted quota and retail investors 7.5 times as of 11:07 AM.
The segment set aside for qualified institutional buyers saw an oversubscription rate of 4.11 times.
From the onset, employees of Tata Technologies and shareholders of Tata Motors actively participated in the offer. They respectively purchased 1.59 times and 12.66 times the portions allocated for them.
Fedbank Financial Services
As of November 23, on the second day of bidding, the Fedbank Financial Services IPO garnered a 47 percent subscription rate.
2.64 crore shares have been bid for, while the total issue size stands at 5.6 crore shares.
Retail investors have displayed robust interest by securing 82 percent of their allocated quota. Non-institutional investors (NIIs) have bid for 26 percent of the offering. The portion earmarked for qualified institutional buyers remains unsubscribed at this time.
Flair Writing Industries
On the second day of bidding, the Flair Writing Industries IPO has garnered a subscription rate of 3 times, with bids received for 4.31 crore shares against an issue size of 1.44 crore shares.
Retail investors bought 3.93 times their quota of shares, NIIs 4.11 times and QIBs 0.53 times the allotted quota.
The IPO has been oversubscribed by 5.76 times. Investors bid for 271.3 crore shares against the offer size of 47.09 crore on the final day of bidding.
NIIs have bought 10.94 times their allotted quota and retail investors 5.28 times. The portion set aside for QIBs has been subscribed 2.71 times.
Gandhar Oil Refinery
On the second day, the Gandhar Oil Refinery IPO saw a subscription rate of 7.91 times,. Bids received was for 16.81 crore shares against the 2.12 crore shares offered.
NIIs booked 11.89 times and retail investors booked 9.76 times their quota of shares. The portion set aside for QIBs has been subscribed 1.5 times.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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