After almost two decades, a Tata group company is all set to test the Indian public markets. Tata Motors subsidiary Tata Technologies has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
Sources estimated the IPO size at around ₹4,000 crore.
India's IT bellwether Tata Consultancy Services (TCS) was the last Tata group firm to go public.
TCS came out with its IPO in July 2004 and its shares got listed the following month.
Pune-based Tata Technologies' proposed IPO will involve secondary sale of up to 95.7 million shares, constituting 23.6 per cent of the company.
Promoter Tata Motors is offloading 81.1 million shares (20 per cent stake), Alpha TC Holdings will sell 9.7 million shares (2.4 per cent stake) and Tata Capital Growth Fund another 4.9 million shares (1.2 per cent stake).
The IPO will be of significance to Tata Motors, which has committed to spend $1.8 billion in the EV segment during 2022-27.
This story is from the March 11, 2023 edition of Business Standard.
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This story is from the March 11, 2023 edition of Business Standard.
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