According to a regulatory filing made by Tata Motors on Saturday, the Initial Public Offering (IPO) of Tata Technologies has been finalized at an offer price of Rs 500 for each equity share with a face value of Rs 2.
A brief about Tata Tech sets the final offer price for the Rs 3042-crore IPO at Rs 500 per share
“Alpha TC Holdings Pte. Ltd. is offering 9,716,853 equity shares worth Rs 4,858.43 million, Tata Capital Growth Fund I is offering 4,858,425 equity shares worth Rs 2,429.21 million, and the Company is offering 46,275,000 equity shares worth Rs 23,137.50 million. The total size of the IPO is ₹30,425.14 million, subject to the finalization of the basis of allotment,” a statement from Tata Motors reads.
On November 22, 2023, subscriptions for the eagerly anticipated Tata Group initial public offering (IPO) commenced for three days. With no new issue component, the Tata Technologies IPO began on November 22 in the price range of Rs. 475 to Rs. 500.
As of 5 PM, the offer has received strong overall subscriptions of 69.43 times, with bids totaling Rs 1.56 lakh crore for an issue size of Rs 2,200 crore, excluding the anchor part. A staggering 203.41 times were subscribed to the amount designated for qualified institutional bidders, and 62.11 times were bid on the portion reserved for non-institutional investors.
On Thursday, November 30, shares of Tata Technologies will go public on the BSE and NSE.
Engineering Research & Development (ER&D) firm Tata Technologies, a division of Tata Motors, is a pure-play manufacturing-oriented organization with an emphasis on the automotive sector. As of September 30, Tata Investment Corporation, a promoter group company, held a 0.33 percent ownership in Tata Motors.
