Tata Technologies is the primary firm from Tata Group to drift an Initial Public Offer in practically 20 years. Tata Consultancy Services was the final IPO from the group within the 12 months 2004.
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The Initial Public Offer (IPO) of Tata Technologies, which supplies engineering and product growth digital companies, was fully subscribed within minutes of opening for subscription on November 22.
This is the primary firm from Tata Group to drift an preliminary public supply in practically 20 years. Tata Consultancy Services was the final IPO from the group within the 12 months 2004.
The ₹3,042.5 crore IPO obtained bid for 8,73,22,890 shares towards 4,50,29,207 shares on supply, translating into 1.94 instances subscription as per NSE knowledge until 11.21 hrs.
The class for non-institutional buyers was subscribed 2.72 instances whereas the quota for Qualified Institutional Buyers (QIBs) obtained 1.98 instances subscription. The portion for Retail Individual Investors (RIIs) received subscribed 1.63 instances.
Tata Technologies, an arm of Tata Motors, on Tuesday stated it has collected ₹791 crore from anchor buyers. The public situation, with a worth band of ₹475-500 per share, will conclude on November 24. Tata Technologies’ public situation is completely an offer-for-sale (OFS) of 6.08 crore fairness shares.
Under the OFS, Tata Motors will offload 4.63 crore shares, representing 11.4% stake, non-public fairness agency Alpha TC Holdings will promote 97.17 lakh shares or 2.4% stake, and Tata Capital Growth Fund I’ll cast off 48.58 lakh shares or 1.2% of the shareholding.
JM Financial, Citigroup Global Markets and BofA Securities are the book-running lead managers to advise the corporate on the IPO. Equity shares of Tata Technologies will probably be listed on BSE and NSE.
