Tata Motors, on Saturday evening, announced that its subsidiary, Tata Technologies, has finalized the offer price, including the anchor investor offer price, for its Initial Public Offer (IPO) on ₹500 per equity share.
The IPO, valued at ₹3,042.5 crore, witnessed subscription of 69.43 times on the last day of subscription on Friday, mainly fueled by significant involvement of institutional buyers. This offering focuses on digital engineering and product development services.
“…Tata Technologies Ltd in consultation with book-running lead managers to the IPO, finalized the offer price, including the anchor investor offer price, at ₹500 per equity share of face value of ₹2 each,” Tata Motors said in a regulatory filing.
The public issue had a price range of ₹475-500 per share. As Tata Technologies IPO closed on Friday, the distribution of the shares is likely to be on Tuesday, next week ie November 28, 2023, as stock market remains closed on Saturday Sunday. Meanwhile, the IPO listing of Tata Technologies is most likely on 30th November 2023 ie Thursday next week.
According to the information provided, the initial public offering (IPO) amounts to ₹3,042.51 crores. This includes sale of 4.63 crore equity shares of Tata Motors, in total ₹2,313.75 crore, sale of 97.17 lakh shares of Alpha TC Holdings Pte Ltd, amounting to ₹485.84 crore, and sale of 48.58 lakh equity shares of Tata Capital Growth Fund I, totaling ₹242.92 crores. It is important to note that these figures depend on the finalization of the basis of allocation, as stated in the file.
Tata Technologies’ IPO garnered bids for 312,649,1040 shares, outstripping the 450,292,207 shares on offer, according to NSE data.
This marks the Tata Group’s first initial public offering (IPO) in almost two decades, with Tata Consultancy Services being the last to go public in 2004.
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Updated: 26 Nov 2023, 08:42 IST