BENGALURU, Nov 30 Reuters Shares of India39;s Tata Technologies settled nearly threefold higher on their trading debut on Thursday, valuing the first Tata Group company to go public in nearly two decades at 532.64 billion rupees 6.4 billion.

The Tata Motors39; unit, which provides engineering and technology services to auto, aero and heavy machinery makers, beat the valuation of its peers like KPIT Technologies and LT Technology Services.

Tata Technologies39; listingday gains were also among the best since 2021end, according to LSEG data and analysts.

The shares surged past the initial public offer price of 500 rupees to debut at 1,200 rupees before hitting the day39;s high of 1,400 rupees and ending 163 higher at 1,313 rupees.

The listing was beyond imagination… and post that, the rally to 1,400 rupees was even more unexpected, Arun Kejriwal, founder of Kejriwal Research and Investment Services, said, adding that shortterm investors could book profits.

The company39;s future earnings through a part of financial year ending March 2025 appear to have been discounted at the current valuation, Kejriwal added.

Tata Technologies39; valuation has topped that of its peers KPIT Technologies, LT Technology Services and sister Tata Group company Tata Elxsi, which are valued between 409 billion rupees and 514 billion rupees.

IT services provider Tata Consultancy Services, which listed in 2004, was the last Tata Group company to go public.

India has seen a record 201 IPOs…