Tata Technologies IPO to open on Nov 22; price band fixed at Rs 475-Rs 500 per equity share
Mumbai: The long-awaited initial public offering (IPO) of Tata Motors subsidiary Tata Technologies will open on November 22 and will be available for subscription till November 24.
The company’s initial public offering comprises an offer for sale of up to 60,850,278 equity shares for cash.
The company aims to raise Rs 3,042.51 crore through the public issue at the upper price band.
The IPO consists solely of an offer-for-sale (OFS) by the promoter and investors.
The offer consists of the sale of up to 46,275,000 equity shares by Tata Motors Ltd, the sale of up to 9,716,853 equity shares by Alpha TC Holdings Pte. Ltd. and the sale of up to 4,858,425 equity shares by Tata Capital Growth Fund I.
The price range for the issue has been established at Rs 475-500 per share. At the upper price band, the company's valuation is set at Rs 20,283 crore.
Tata Tech intends to garner Rs 3,042.51 crore through the public issue at the upper price band, with the issue being exclusively an offer-for-sale (OFS) by the promoter and investors.
The promoter, Tata Motors, plans to divest 4.62 crore equity shares valued at Rs 2,314 crore in the OFS.
Not less than 35% of the Net Offer will be available for allocation to Retail Individual Bidders in accordance with SEBI ICDR Regulations, subject to valid bids being received at or above the Offer Price.
Bids can be made for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter.
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