Tata Technologies IPO
The date of IPO of Tata Group company Tata Technologies has arrived. The company’s IPO will open on November 22 and bidding can be done till November 24. Tata Group is coming with an IPO after almost two decades.
The company said that 6,08,50,278 shares will be offered in the IPO for 15% of the paid-up equity share capital of Tata Technologies. Under the IPO, Tata Motors will sell an 11.4% stake, private equity firm Alpha TC Holdings will sell a 2.4% stake and Tata Capital Growth Fund-1 will sell a 1.2% stake.
The company had submitted IPO-related documents to SEBI in March this year and it got approval from the regulator in June. Along with retail investors, foreign investors are also eagerly waiting for the issue of Tata Technologies. They can invest in the company at a valuation of around $2.5 billion. With the buzz of IPO, the demand for unlisted shares of Tata Technologies has also increased in the gray market. In the last few days, its premium in the gray market has increased by Rs 50 to Rs 285. In this issue, a 10 percent quota has been kept for eligible shareholders of Tata Motors.