Tata Technologies has fixed the price band of IPO at Rs 475-500. The IPO will open on 22 November and close on 24 November.
Tata Technologies, a wholly-owned subsidiary of Tata Motors, wants to raise about Rs 3,042 crore from this IPO.
During this period, promoter Tata Motors will put up for sale 4.62 crore shares worth Rs 2,313.75 crore under OFS (Offer For Sale), while investor Alpha TC Holdings will sell 97.17 lakh shares worth Rs 485.84 crore and Tata Capital Growth Fund will sell 48.58 crore shares worth Rs 242.92 crore.
Issue Details
- Issue will open: 22 November
- Issue will close: 24 November
- Issue size: Rs 3,042 crore
- Face value: Rs 2 per share
- Price Band: Rs 475-500/share
- Lot Size: 30 shares
About 10% of the issue has been reserved for Tata Technologies employees and Tata Motors shareholders. The total issue size is about 15%. Tata Technologies’ IPO will open for anchor investors on November 21.
JM Financial, Citigroup Global Markets India and BofA Securities India are the book running lead managers to the issue.
What does the company do
Let us tell you that for the first time in almost two decades, an IPO of a Tata Group company is coming. The last time TCS IPO came in 2004.
Tata Technologies, a wholly owned subsidiary of Tata Motors, is a global ER&D services firm that is not limited to the automotive sector but provides product development and digital solutions to Original Equipment Manufacturers.
Jaguar Land Rover and Airbus are in the list of its customers. JLR has recently furthered its partnership with Tata Technologies for its digital transformation.
