IPO Frenzy: Investors lock up ₹2,58,000 crore in race for shares worth ₹7,400 crore

Out of the ₹2 lakh crore bids placed, Tata Technologies garnered the lions share. The first Tata Group IPO in two decades closed with an overall subscription of 70 times and bids worth ₹1.56 lakh crore were placed during the three day issue. The pure Offer for Sale issue had selling investors garner ₹3,042 crore. Selling investors in the issue included parent company Tata Motors.

Gandhar Oil Refinery, one of the largest manufacturers of white oils by revenue in the financial year 2023, was subscribed 65 times at the close of the three-day issue. The ₹500 crore IPO saw bids worth ₹23,000 crore being placed across three days.

For an offer size of 1.5 crore shares, Flair Writing Industries saw bids placed for 67.27 crore shares worth over ₹20,000 crore. Institutional investors led in placing bids for this issue as well, with the portion reserved for them getting subscription of 115.6 times. The non-institutional portion was subscribed 33.37 times, while that reserved for retail investors was subscribed 13 times at the close of bidding.

However, the IPO of Fedbank Financial Services (Fedfina), a subsidiary of Kochi-based private lender Federal Bank Ltd., saw a lacklustre response in comparison to the other IPOs that were open for subscription.

The issue saw full subscription on the last day of bidding and ended with an overall subscription of 2.2 times.

India's first PSU IPO in 18 months - Indian Renewable Energy Development Agency was also subscribed 39 times in the issue that closed on Thursday. It became the seventh most subscribed PSU IPO over the last decade.

"The huge appetite for equities stems from the confidence that investors have in the India growth story and the large universe of fast-growing, well-managed companies, which expected to deliver good profits," said Mahavir Lunawat of Pantomath Capital Advisors.