Even as people who applied for Tata Technologies IPO started receiving messages confirming that they have been allotted shares or that the applications have been unsuccessful, shares of Tata Motors hit an all-time high on Wednesday.
Shares of Tata Motors crossed the Rs 700-mark and settled at Rs 711 at the day's end. On a day the 30-share BSE Sensex jumped 727.71 points or 1.10 per cent to settle at 66,901.91, shares of Tata Motors jumped by over two per cent.
The buying interest led to the shares going up by 13 per cent in the past one month. According to analysts, there is further upside to this stock as they expect the stock to hit the Rs 800-mark in the next few weeks. A strong listing of Tata Technologies, apart from the increase in the sales of Jaguar and Range Rover, would boost the confidence of investors in the share.
Tata Technologies, the first Tata Group stock to be listed in two decades, is expected to offer a listing gain of over 75 per cent. The IPO was fully subscribed within minutes of opening for bidding on Wednesday.
Tata Technologies public issue was entirely an Offer For Sale (OFS) of 6.08 crore equity shares. Under the OFS, Tata Motors offloaded 4.63 crore shares, representing an 11.4 per cent stake, private equity firm Alpha TC Holdings sold 97.17 lakh shares or 2.4 per cent stake, and Tata Capital Growth Fund I offloaded 48.58 lakh shares or 1.2 per cent of the shareholding.