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Tata Technologies shares soar 180% in debut trade

India’s Tata Technologies 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. Reuters

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