The initial public offer (IPO) of Tata Technologies got fully subscribed in less than 40 minutes on Wednesday, a sign of huge investor appetite for the Tata group’s first float in nearly two decades.

At the end of the first day, the issue was subscribed 6.55 times with the portion reserved for non-institutional investors (NIIs) getting the best response. Tata Tech was one of five issues that opened this week — and all bar one was lapped up by investors.

The IPO of Gandhar Oil Refinery (India) ended with a 5.52 times subscription on the first day, while Flair Writing was subscribed 2.18 times.

On the other hand, PSU Indian Renewable Energy Development Agency (Ireda) received a 4.56 times subscription on the second day.

However, Fedbank Financial Services got off to a slow start, with 38 per cent subscription on Day 1.

Investor focus, however, is on Tata Technologies as it is the first Tata group company to go public since TCS in 2004.

“Everybody wants to have a share of the pie” of the “most-hyped issue this week,” Arun Kejriwal, founder of Kejriwal Research and Investment Services, told Reuters. “However, ... the offering is not very large.”

Experts have cautioned that strong subscription numbers are likely to lead to low chances of share allotment.

Data available from the stock exchanges showed that the portion reserved for retail shareholders was subscribed 5.44 times, for qualified institutional buyers (QIBs) 4.08 times, and 11.69 times for NIIs.

Cumulatively, investors bid for 29 crore shares against 4.5 crore shares on offer, thus reflecting a subscription rate of 6.55 times.

Gandhar Oil Refinery (India) was also fully subscribed within hours: the Rs 500.69 crore issue received bids for 11.76 crore shares against 2.12 crore shares on offer. The portion for retail investors saw 6.89 times the subscription.

Pen maker Flair Writing Industries received 2.18 times subscription on the first day, with bids for 3.14 crore shares against 1.44 crore shares on offer.