This week was one of the busiest weeks for the primary market in recent years, as five mainboard IPOs -- IREDA, Tata Technologies, Flair Writing, Fedbank Financial Services, and Gandhar Oil Refinery India -- launched their issues to raise ₹7,377 crore collectively. The week started with the ₹2,150.21-crore IPO of the state-owned Indian Renewable Energy Development Agency (IREDA), which opened for subscription on November 21, 2023, followed by the remaining four on November 22.

The most striking feature was that all IPOs got oversubscribed, with the likes of Tata Tech, Gandhar Oil, and IREDA receiving overwhelming responses from all categories of investors, especially from institutional investors. The strong investors’ appetite for equities across sectors indicates their growing confidence in the India growth story and its attractiveness as an investment hub.

The massive participation also got a boost from the recent move by the capital market regulator SEBI to shift from the T+6 to T+3 listing format, giving investors the opportunity to have early credit and liquidity for their investments. The shorter listing timeline allows investors to analyse and participate in more IPOs opening parallelly.

Here's the final subscription updates of all five IPOs.

Tata Technologies

The highly anticipated ₹3,042.51 crore IPO of Tata Technologies, the first issue from the group firm in nearly two decades, has shattered multiple records, reaffirming investors’ trust in the brand “Tata”. The issue was completely an offer for sale (OFS) by existing shareholders at a price band of ₹475-500 per share, with a lot size of 30 shares.

The IPO, third-biggest in terms of issue size in 2023, created a record of attracting the highest number of applications on its issue, surpassing the likes of LIC of India, Reliance Power, Glenmark Life Sciences, SBI Life Insurance, Zomato, Nykaa, among others. With 73.58 lakh applications on the final day of its issue, Tata Tech smashed the record of 73.38 lakh applications of LIC of India, the country’s biggest-ever IPO after Paytm, which came in May 2022.

The public issue of Tata Tech, a subsidiary of Tata Motors, was subscribed 69.43 times on the final day of bidding on November 24, with the quota reserved for qualified institutional buyers (QIBs) getting subscribed by record 203.41 times. The portion set aside for non-institutional investors (NIIs) and retail investors was booked 62.11 times and 16.50 times, respectively, while reserved quotas for shareholders and employees were subscribed 29.19 and 3.70 times, respectively.

Gandhar Oil Refinery India

The IPO of speciality oils and lubricant manufacturer also managed to garner good response from investors despite strong demand for Tata Tech shares. The shares were offered at a price band of ₹160-169 apiece and the lot size was  ₹88 shares and thereafter.

The ₹500 crore public issue of the leading manufacturer of white oils was subscribed 64.07 times on the final day of bidding, led by qualified institutional buyers as the quota booked for them received 129 times bids. The portion set aside for high net-worth individuals was subscribed 62.2 times and that of retail investors by 28.95 times.


The ₹2,150-crore IPO of the PSU company, the first by a government-owned entity since LIC in May last year, also witnessed a robust response from investors.

The issue, having a price band of ₹30-32 per share, was subscribed 38.8 times on November 23, the final day of bidding, as investors bid for 1,827 crore equity shares against the offer size of 47.09 crore. Segment-wise, the quota for QIBs, NIIs, and retail investors was booked 104.57 times, 24.16 times, and 7.73 times, respectively. The Mini-Ratna PSU, which had set aside 18.75 lakh shares for its employees, received 9.8 times bids for this portion.

Flair Writing

The ₹593 crore public issue of pen maker also received a good response from investors as the issue was subscribed 46.8 times on the last day of its IPO. The issue, having a price range of ₹288 to ₹304 per share, received 122 times bids from QIBs, while the part reserved for NIIs and retail investors was subscribed 35.2 times and 13.7 times, respectively.

Fedbank Financial Services

The public issue of retail-focused non-banking finance company (NBFC) promoted by Federal Bank was subscribed 2.2 times on the final day of bidding, November 24. The QIB category of the ₹1,092 crore IPO, which was offered at a price band of ₹133 to ₹140 per equity share, was subscribed the most at 3.48 times, followed by 1.49 times in the institutional portion. The quota reserved for employees was subscribed 1.88 times.

(DISCLAIMER: The views and opinions expressed by investment experts on are either their own or of their organisations, but not necessarily that of and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)

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