India's Tata Technologies soars 180% in debut trade, valued at nearly $7 bln (updated)

Tata Technologies

30/11/2023 05:02

(Updates stock levels; adds details throughout)
       BENGALURU, Nov 30 (Reuters) - India's Tata Technologies
 TATE.NS  jumped as much as 180% in its trading debut on
Thursday, valuing the first Tata Group company to go public in
nearly two decades at 567.94 billion rupees ($6.8 billion).
    The company, which provides engineering and technology
services to auto, aero and heavy machinery makers, surged past
its initial public offer (IPO) price of 500 rupees to debut at
1,200 rupees. The stock scaled as high as 1,400 rupees. 
    Investors oversubscribed the IPO by 69.43 times, the most
among a string of IPOs last week, fetching bids for the company
worth 1.56 trillion rupees. 
    Tata Technologies was among the top 10 most active stocks on
Thursday, with 23.98 million shares traded by 10:08 a.m. IST. 
    IT services provider Tata Consultancy Services  TCS.NS ,
which listed in 2004, was the last Tata Group company to go
public.   
    Tata Technologies reported a nearly 43% jump in consolidated
net profit in the financial year ended March 31, 2023, while its
revenue rose 25%.
    Its top five clients, including parent Tata Motors,
Britain's Jaguar Land Rover and Vietnam's VinFast, accounted for
60.5% of its revenue.      
    Shares of Tata Motors  TAMO.NS  were trading 1.6% lower. 

    
($1 = 83.3225 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))