Tata Technologies IPO: The preliminary public providing of Tata Technologies, which supplies engineering and product growth digital companies, can be open for public subscription subsequent week, between November 22 and November 24. The firm on Thursday fastened the value band at Rs 475 per share to Rs 500 per share for its Rs 3,042-crore preliminary public providing (IPO).
The anchor e book of the provide can be opened for a day on November 21, in keeping with a public announcement.
Tata Technologies IPO GMP Today
According to market observers, unlisted shares of Protean eGov Technologies are presently buying and selling a whopping Rs 354 increased within the gray market. The newest Rs 354 gray market premium or GMP is about 70.8 per cent increased than its higher challenge value of Rs 500 per share. This means the gray market is anticipating a 70.8 per cent itemizing acquire from the general public challenge.
‘Grey market premium’ signifies traders’ readiness to pay greater than the problem value.
About Tata Technologies IPO
This would be the first firm from the Tata Group to drift an preliminary share sale in practically 20 years. Tata Consultancy Services was the final IPO from the group in 2004. The IPO of Tata Motors’ arm is solely a proposal on the market (OFS) of 6.08 crore (6,08,50,278) fairness shares.
Under the OFS, Tata Motors will offload an 11.4 per cent stake, non-public fairness agency Alpha TC Holdings will promote a 2.4 per cent stake, and Tata Capital Growth Fund I’ll put off 1.2 per cent of shareholding. The challenge will fetch Rs 2,890.4 crore and Rs 3,042.5 crore at the decrease and higher finish of the value band respectively. Axis Capital has pegged the submit-challenge market cap between Rs 19,269 crore and Rs 20,283 crore.
Half of the problem measurement has been reserved for certified institutional traders, 35 per cent for retail traders, and the remaining 15 per cent for non-institutional traders. Investors can bid for at least 35 fairness shares and in multiples thereof.
Last month, Tata Motors inked a pact to promote a 9.9 per cent stake in Tata Technologies to TPG Rise Climate for Rs 1,613.7 crore. JM Financial, Citigroup Global Markets, and BofA Securities are the e book-working lead managers to advise the corporate on the IPO. The fairness shares of Tata Technologies can be listed on BSE and NSE on December 5.
