MUMBAI - Tata Technologies Limited, an engineering and product development digital services company, has announced the price range for its Initial Public Offering (IPO) of equity shares. The company has set the price band at ₹475 to ₹500 per share with a face value of ₹2 each. The public phase of the IPO will open for bids on Wednesday, November 22, 2023, and conclude on Friday, November 24, 2023.
The offering includes a sale of up to 60,850,278 equity shares. Major stakeholders offloading shares in the IPO are Tata Motors (NYSE:TTM) Limited, offering over 46 million shares, Alpha TC Holdings Pte. Ltd., and Tata Capital Growth Fund I. The Red Herring Prospectus (RHP), listing detailed risk factors on page 34, is available on the Securities and Exchange Board of India's (SEBI) website.
Investors interested in participating in the IPO can bid in lot sizes starting from thirty shares, with subsequent increments to follow suit. The book building process outlined by SEBI reserves half of the issue for Qualified Institutional Buyers (QIBs), with up to sixty percent of this QIB portion potentially available to Anchor Investors, including Domestic Mutual Funds based on proportionate allocation rules. Additionally, fifteen percent is earmarked for Non-Institutional Bidders and thirty-five percent for Retail Individual Bidders. There are also specific portions reserved for employees of Tata Motors Limited (TML) and TML shareholders.
Bidding by anchor investors is scheduled to take place just ahead of the public offering on Tuesday, November 21, 2023. All participants in the IPO except for anchor investors are required to use the Application Supported by Blocked Amount (ASBA) process. This process blocks funds in their bank accounts or through their UPI ID for UPI bidders until the completion or withdrawal from the offer.
The securities will not be sold publicly in the United States due to regulatory compliance with SEC rules. The anticipated listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) is being managed by JM Financial Ltd., Citigroup Global Markets India Pvt Ltd., and BofA Securities India Ltd.
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