Tata Technologies IPO: After a gap of nearly two decades, Tata Group is set to launch its initial public offering (IPO) in the primary market. The company plans to conduct its public issue on November 22 as an offer for sale (OFS). This will be Tata Group’s first IPO since the successful launch of Tata Consultancy Services (TCS) in 2004.
“We would now like to inform you that the company has been informed by Tata Technologies Limited that it has filed the RHP dated Monday, November 13, 2023 with the Registrar of Companies, Maharashtra, Pune today. This IPO is an offer for sale (“Offer”) of up to 60,850,278 shares for cash (“Shares”), consisting of an offer for (a) up to 46,275,000 Shares by the Company; (b) up to 9,716,853 shares of Alpha TC Holdings Pte. GmbH.; and (c) up to 4,858,425 shares of Tata Capital Growth Fund I representing up to 11.41%, 2.40% and 1.20%, respectively, of the paid-up share capital of Tata Technologies Limited,” the company said in an announcement with a stock exchange filing on November 13th.
Tata Technologies Limited, a subsidiary of Tata Motors Limited, had filed a draft Red Herring Prospectus (“DRHP”) for an initial public offering (“IPO”) with the Securities and Exchange Board of India on March 9, 2023.
This IPO provides, among other things, for the reservation of up to 6,085,027 shares, representing 10% of the offering, for subscription by eligible shareholders of TML, i.e. “A” ordinary shares of TML and excluding such persons, in accordance with applicable law, Rules, Regulations and Guidelines are not eligible to invest in the offering) as of the date of filing of the RHP i.e. Monday, November 13, 2023, it further added.
Tata Technologies’ IPO opens on this day
This IPO will be open to the public for subscription on Wednesday, November 22, 2023 and will close on Friday, November 24, 2023.
On November 2, Tata Motors reported a consolidated net profit of ₹3,783 crore for the September quarter based on the robust performance of UK arm Jaguar Land Rover. This is the fourth consecutive quarter of positive results for the domestic automotive group.
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