The highly-awaited Tata Technologies IPO closed on Friday evening with a record high 70x bids worth ₹1.56 lakh crore, surpassing the country’s biggest IPOs.

Tata Group saw a huge success with its first initial public offering in the last 20 years – Tata Technologies IPO – with the three-day issue closing on Friday evening with overall subscriptions of nearly 70 times.

As of 5pm on Friday, November 24, Tata Technologies IPO saw total bids worth ₹1.56 lakh crore, while the issue size of the initial public offering remains ₹2,200 crore, without the anchor portion. Seeing tremendous success in its first IPO in 20 years, this paves the way for Tata Group to launch more issues in the near future.

The Tata Technologies IPO opened on November 22 and closed on November 24, with the portion reserved for Qualified Institutional Bidders (QIB) subscribing 203.41 times. Meanwhile, the portion reserved for Non Institutional Bidders was subscribed 62.11 times by the investors.

Retail investors, Tata Technologies’ employees and Tata Motors’ shareholders were also not far behind when it comes to the issue, subscribing 16.50 times, 3.7 times and 29.2 times, respectively. There was a 35 per cent reservation in the net issue for these subscribers.

The Tata Technologies IPO opened on November 22 with a price band ₹475- ₹500, with no fresh issue component. The IPO was fully offered for sale (OFS)of 6.08 crore shares by the promoter Tata Motors, and investors Alpha TC Holdings and Tata Capital Growth Fund 1.