Tata Investment IPO Share Allotment Tomorrow: How to Check Status; Know GMP

Tata Investment IPO Share Allotment: The share allotment of Tata Investment IPO, which was open for public subscription between November 22 and November 24, likely to be finalised tomorrow, November 28. Investors can check their allotment status on the issue’s registrar Link Intime India’s website as well as on BSE.

On the allotment date, investors get to know about the number of shares allotted to them as against the bids made. They can check the allotment status through the BSE or by visiting the registrar’s website. Here’s how you can check the status on BSE.

The Rs 3,042.51 crore IPO was open for subscription between November 22-24 at a price band in the range of Rs 475-500 per share.

The first IPO by the Tata Group in over 19 years was subscribed 69.43 times during November 22-24. It received bids for 312.64 crore equity shares as against 4.5 crore shares on the offer. The portion for qualified institutional bidders (QIBs) was booked the most, 203.41 times.

Meanwhile, the non-institutional investors’ (NII) category was subscribed to 62.11 times and the retail investors’ quota was subscribed 16.5 times during the three-day bidding process. Also, the employees portion was bid 3.7 times and the Others category was subscribed 29.20 times.

Tata Technology shares are likely to be listed on the bourses on Thursday, November 30.

How you can check the allotment status

1) Go to the BSE website.

2) Select ‘Equity’ and then from the dropdown, select the issue name.

3) Enter your application number and PAN card number.

4) Click on the “Search” button.

In a similar way, you can also check on its registrar’s website.

1) Go to the website of Link Intime.

2) Click on ‘Company Selection’ and then select the IPO name.

3) Now, enter your PAN, application number, DP / Client ID, or account number / IFSC.

4) Click on ‘Search’.

The status will only appear after allotment if the details are entered correctly. The equity shares are expected to be credited to the demat accounts of successful investors by November 29.

Tata Technologies is a subsidiary of automobile major Tata Motors and is a pure-play manufacturing-focused Engineering Research & Development (ER&D) company, primarily focused on the automotive industry.

Its IPO shares seem to be getting healthy response in the grey market too. In fact, the premium has been increased by around 10 percent in the last few sessions. Shares were available at a premium of 80 percent over the issue price of Rs 500 per share in the grey market, at the time of writing this article. It was quoted at a 70 percent premium before the opening IPO for subscription.

The grey market is an unofficial platform wherein IPO shares can be bought and sold till the listing. Generally, the participants look at grey market premium to know the expected listing price of any IPO, though it does not cover the fundamentals of the company.

The strong appetite for the Tata Group firm, which reflected in the subscription numbers, strong parentage, healthy financials, attractive valuations and expected growth potential in the engineering services space can be major reasons behind the robust listing expectations.

Tata Technologies shares were available at a P/E of 32.5x on the basis of FY23 financials, which is lower compared to peers KPIT Technologies (105.6x), L&T Technology Services (41.2x) and Tata Elxsi (69.6x)