Tata Tech, Gandhar Oil zoom on listing
IPO frenzy is reaching new heights and today it is a day for history books. At a time when the secondary market is flat primary market is acting like a treasure chest for investors. We are saying that because today not one but two companies got listed at a massive premium. The first company is from […]
IPO frenzy is reaching new heights and today it is a day for history books. At a time when the secondary market is flat primary market is acting like a treasure chest for investors. We are saying that because today not one but two companies got listed at a massive premium.
The first company is from the house of Tata. After a long wait, a Tata company’s IPO was launched last week and today the proceedings culminated with a bumper listing. Tata Technologies listed at a premium of 140% at a price of Rs 1,200 on NSE. Its issue price was Rs 500 per share. The company raised more than Rs 3,000 crore from IPO. It was subscribed close to 70 times. Given the strong fundamentals, expectations of growth in sector and backing of Tata, investors poured in the money in this stock. After opening it even touched the high of Rs 1,400. At the time of writing this story the stock was trading close to Rs 1,330 per share.
Besides Tata, one more company started its stock market journey on an impressive note. That is Gandhar Oil Refinery. The stock opened on NSE at Rs 298 per share. While its issue price was Rs 169 per share. This states that it is listed at a premium of 76.33%. The company raised Rs 500.69 crore from IPO and it was subscribed 65.63 times. After opening the stock touched a high of Rs 344 per share. At the time of writing the story it is trading around Rs 307 per share. The company is one of the biggest producer of white oil in the world and has maquee FMCG companies like Uniliver, P&G as its clients. Since it has long term relations with these companies therefore it ensures good relations and repeat orders from them.
Published: November 30, 2023, 14:15 IST