Tata Technologies IPO Pushes This Little-Known Tata Group Stock To An All-Time High

At a time when all the focus is on Tata Technologies' IPO which is set to be launched tomorrow, another little-known Tata Group stock is gaining the limelight. With Tata Group gearing up for the launch of its first IPO in 19 years, the IPO has propelled a little-known Tata Group stock to all-time highs.

Which Tata Group Stock Has Hit All Time-High?

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On Monday, shares of Tata Investment Corp. surged as much as 17.65% to an intraday high of Rs 4,598.70 apiece, before giving up some of the gains to settle at an all-time high of Rs 4,501.75 apiece¡ªup 15.17% from its previous close. The stock¡¯s trading volume was 27 times its 30-day average, Bloomberg data showed. On Friday, the stock was locked in an upper circuit of 20%, as per the BQPrime report. Its shares have surged more than 100% this year till date.

Also Read: List Of Tata Group Companies That Originally Had Different Names

Why Is The Stock Surging Ahead Of Tata Tech IPO?

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For the unversed, Tata Investment Corp. owns a 0.33% stake in Tata Motors¡ªthe promoter of Tata Technologies and the biggest shareholder in the IPO. Tata Motors will offload as much as 11.41% of its stake in Tata Technologies. All the proceeds will go to the selling shareholders.

So, the outperformance and surge in trading volume can be attributed to the upcoming Tata Technologies IPO, which is a first for Tata Group since the listing of Tata Consultancy Services in August 2004.

Tata Investment Corp., a non-banking financial company of sorts, invests primarily in Tata stocks. A new investment avenue from the salt-to-software conglomerate in nearly 20 years clearly has investors enthused. Additionally, the public shareholding of Tata Investment Corp. is tiny at 1.34 crore shares, equivalent to 26.61% of the stake, according to the company¡¯s shareholding pattern as of Sept. 30. Promoter Tata Sons Pvt. and related entities hold 3.71 crore shares¡ªequivalent to a 73.38% stake.

Also Read: Tata Sons To Go For IPO By Sept 2025, All You Need To Know

When Is Tata Technologies IPO?

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Tata Technologies' IPO is set to launch from November 22nd¨C24th, 2023. The IPO involves Offer For Sale (OFS) of 60,850,278 shares. The total IPO size is expected to be Rs 3,042 crore, and the stock price band has been set at Rs 475¨C500 per share. The listing will take place on both the BSE and the NSE.

Also Read; Get Ready For 10 Big IPOs That Are Expected To Launch In Coming Months

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