Tata Technologies IPO opens on November 22, first IPO by group firm after TCS— Check details
Tata Tech IPO date, Tata Tech IPO details: The global engineering services firm filed its red herring prospectus (RHP) with the registrar of companies in Pune on Monday, November 13.
Tata Tech IPO date, Tata Tech IPO details: Tata Technologies, an arm of Tata Motors, is set to launch its initial public offering (IPO) on November 22, the first share sale by a Tata group firm in nearly two decades. Tata Consultancy Services' IPO in 2004 was the last IPO by a Tata group company. The global engineering services firm filed its red herring prospectus (RHP) with the registrar of companies in Pune on Monday, November 13.
In accordance with the addendum filed, the company's IPO will consist of an offer for sale (OFS) of up to 60,850,278 equity shares for cash that comprises an offer for:
(a) up to 46,275,000 Equity Shares by the Company;
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(b) up to 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd.; and
(c) up to 4,858,425 Equity Shares by Tata Capital Growth Fund I, each representing up to 11.41%, 2.40%, and 1.20%, respectively, of the paid-up Equity Share Capital of Tata Technologies Limited.
Tata Technologies IPO opening date
Tata Technologies IPO will open for subscription on Wednesday, November 22, and shall conclude on November 24.The company is expected to announce its price band and IPO valuation closer to the IPO date.
Tata Tech has reserved a portion for employees as well as Tata Motors shareholders. The allocated quota for Tata Motors shareholders is 10 per cent. “The maximum Bid Amount under the TML Shareholders Reservation Portion by an Eligible TML Shareholder shall not exceed Rs 200,000,” the addendum released earlier read.
“Employees eligible to buy shares in IPO can apply in the Employee Reservation Portion. They can apply at the cut-off price. The maximum bid amount under the TML shareholders reservation portion by an eligible TML Shareholder shall not exceed Rs 2 lakh. On the other hand, the maximum bid amount under the employee reservation portion by an eligible employee should be under Rs 5 lakh," addendum added.
What does Tata Technologies do?
Tata Technologies offers product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their Tier 1 suppliers.