The main board of the bourses saw five companies make primary offers during a busy week. The overall demand for shares from these offers hovered around £30 billion, compared to the almost £740 million worth of stock that was on offer.
When it came to the amount of money raised, the largest offer was £304.3 million for Tata Technologies. The remaining four were for Fedbank Financial, Flair Writing, Gandhar Oil Refinery, and Indian Renewable Energy Development Agency (IREDA).
The response generated in these offers, which saw four offers subscribed multiple times, proved that there was enough appetite among investors in India for new offers from good companies, market players said. All the companies are set to be listed soon.
Out of the four, the Tata Technologies IPO, which was the group's first initial public offering in almost 20 years, was subscribed a little more than 69 times. According to data on the BSE, the overall demand was for slightly more than 3126 million shares, against an offer of 45 million shares made during the bidding process. Fund-wise, the Tata Tech IPO is valued at £304.3 million, but the overall book size was close to £16 billion.
The £215 million IPO for IREDA closed through which the government is divesting its stake in the financier for renewable energy projects. This offer was subscribed 39 times.