Tata Technologies IPO opens Nov 22, price band set at Rs 475-500 per share
Tata Technologies, which supplies engineering and product growth digital providers, on Thursday mounted the price band at Rs 475 per share to Rs 500 per share for its Rs 3,042 crore preliminary public providing (IPO).
The maiden public difficulty will open for public subscription on November 22 and conclude on November 24. The anchor ebook of the provide will likely be opened for a day on November 21, in line with a public announcement.
This would be the first firm from the Tata Group to drift an preliminary share sale in almost 20 years. Tata Consultancy Companies was the final IPO from the group in 2004.
The IPO of Tata Motors’ arm is totally a proposal on the market (OFS) of 6.08 crore (6,08,50,278) fairness shares.
Below the OFS, Tata Motors will offload an 11.4 per cent stake, personal fairness agency Alpha TC Holdings will promote a 2.4 per cent stake, and Tata Capital Progress Fund I’ll cast off 1.2 per cent of shareholding.
The problem will fetch Rs 2,890.4 crore and Rs 3,042.5 crore at the decrease and higher finish of the price band respectively.
Axis Capital has pegged the post-issue market cap between Rs 19,269 crore and Rs 20,283 crore.
Half of the problem dimension has been reserved for certified institutional buyers, 35 per cent for retail buyers, and the remaining 15 per cent for non-institutional buyers.
Buyers can bid for no less than 35 fairness shares and in multiples thereof.
Final month, Tata Motors inked a pact to promote a 9.9 per cent stake in Tata Technologies to TPG Rise Local weather for Rs 1,613.7 crore.
JM Monetary, Citigroup International Markets, and BofA Securities are the book-running lead managers to advise the corporate on the IPO. The fairness shares of Tata Technologies will likely be listed on BSE and NSE on December 5.
