Overview

• Anchor bidding starts Oct. 3 with the public offer open Oct. 6–8, allotment expected Oct. 9 and BSE/NSE listing targeted for Oct. 13.
• The book-built issue is priced at Rs 310–326 per share for a total of Rs 15,511.87 crore, comprising a fresh issue of 21 crore shares and an OFS of 26.58 crore shares with allocation set at QIB 49.87%, Retail 34.91% and NII 14.96%.
• Promoter Tata Sons plans to sell up to 23 crore shares in the OFS, while IFC may sell up to 3.58 crore shares, according to the prospectus.
• Grey-market premium was Rs 20 as of the morning of Oct. 3, implying an indicative listing price near Rs 346 at about a 6% premium on the upper band, though GMP remains unofficial and speculative.
• Tata Investment Corporation jumped as much as 11.98% to a record high and is up nearly 35% since Sept. 26, with a 1:10 stock split set for Oct. 14 as the record date.