After receiving an overwhelming response to the IPO, the shares of Tata Technologies are in high demand in the unlisted market with a grey market premium (GMP) of Rs 412. The stock is expected to list at a massive premium of Rs 82% over the issue price. The IPO received bids worth over Rs 1.5 lakh crore, with an overall subscription of nearly 70 times the shares on offer.
In a listless trading session, Nifty traded in a narrow channel to form a red candle with minor upper and lower shadows on the daily chart. US stock indexes were muted in Friday’s shortened trading session for Thanksgiving. BSE and NSE have imposed fines on Power Grid Corporation for non-compliance. Berkshire Hathaway sold its entire stake in Paytm via a bulk deal. The rupee ended at a record closing low. Tata Technologies’ IPO received bids worth over Rs 1 lakh crore. LIC shares jumped 10% to record best day since listing.
The IPO market in Mumbai is experiencing an unprecedented bull wave, with multiple IPOs being fully subscribed within hours of opening. Investors are showing great enthusiasm in IPOs like Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery. The grey market premium of Tata Technologies indicates the potential for better listing gains. Increased investor appetite, liquidity from retail investors, and judicious pricing are driving the IPO boom.
