India’s Tata Technologies witnessed an overwhelming response to its 30.43 billion rupee ($366 million) initial public offering (IPO), generating bids worth a staggering 1.56 trillion rupees ($18.74 billion).

The demand for the Tata group’s first public offering in nearly twenty years soared, surpassing the issue on offer by approximately 69.43 times, as per stock exchange figures.

Investors flocked to bid for around 3.13 billion shares, a stark comparison to the 45 million shares available for subscription. Institutional investors displayed substantial interest in this offering.

Arun Kejriwal, the founder of Kejriwal Research and Investment Services, highlighted the positivity behind the oversubscription, emphasizing that well-priced offerings attract investors, leaving room for potential growth.

This marks Tata Group’s inaugural company IPO since Tata Consultancy Services in 2004. The anticipated trading debut for Tata Technologies is set for November 30.

Tata Technologies, renowned for providing engineering and technology services to automobile, aerospace, and heavy machinery sectors, is projected to be valued at 202.83 billion rupees at the upper limit of its price range, pegged between 475-500 rupees.

Other listings this week, including Fedbank Financial Services, Flair Writing Industries, Indian Renewable Energy Development Agency, and Gandhar Oil Refinery, witnessed oversubscriptions ranging from 2.20 to 64.07 times their offerings.

India has experienced a staggering 196 IPOs in 2023, setting a domestic and international record. The robust performance of the domestic equity market, fueled by India’s economic growth and a vast consumer base, positions the country attractively for both companies and investors.

Kejriwal remains optimistic about the forthcoming months, anticipating sustained momentum in IPO activities.