The sole disappointment in this spectacular season for new listings was Fedbank Financial Services (Fedfina), which remained flat on its first day of trading.
Tata Technologies debuted at ₹1,200, a substantial increase from the issue price of ₹500. This 140% premium marked the best listing in two years and the all-time best for IPOs with a value of ₹1,000 crore and above. The previous record for the best listing in the ₹1,000-crore plus IPO category was held by Avenue Supermarts, the operator of retail chain DMart, which listed at a premium of 102% in March 2017.
In 2021, pharmaceutical company Sigachi Industries and Paras Defence more than doubled on listing with 270% and 171% premiums, respectively.
The closing price of Tata Technologies shares stood at ₹1,314.25, a 163% increase over the IPO price. This performance propelled Tata Technologies to a market capitalisation of ₹53,315 crore, making it the seventh-largest in the IT sector and the ninth-largest among Tata Group stocks.The TPG Rise Climate Fund, which acquired a 9.9% stake at a price of ₹401.81 per share in October, realised a remarkable return of 228% in just a month. The ₹1,467 crore investment by TPG in October surged to ₹4,797 crore.
The Tata Technologies IPO, valued at ₹3,042.51 crore, marked the first IPO listing from the Tata Group in almost two decades. The IPO witnessed an overwhelming subscription of 69.43 times, generating a demand for more than ₹1.5 lakh crore.Gandhar Oil Refinery’s shares debuted on the market at ₹295.40, exhibiting a substantial 75% premium over the issue price of ₹169. Within minutes of the listing, the shares more than doubled, reaching a high of ₹344. The closing value stood at ₹301.50, a 78% increase. The ₹500.69 crore IPO of Gandhar Oil, which was sold between November 22 and November 24, garnered an impressive subscription rate of 66 times.
Fedfina had a subdued listing. The stock listed and closed at ₹140, the same as the IPO price. Notably, the IPO had the lowest subscription rate among all the issues last week.