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Tata Technologies' initial public offer gets Sebi nod
The Morning Standard
|June 28, 2023
THE Securities and Exchange Board of India (Sebi) has approved Tata Technologies Ltd’s, a subsidiary of Tata Motors, initial public offering (IPO), making it the first public issue from the Tata Group in nearly 20 years.
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The last IPO from the Tata Group was that of Tata Consultancy Services (TCS) in July 2004. Tata Technologies had filed draft papers with Sebi earlier this year in March. The IPO will be purely an offer for sale (OFS), with Tata Technologies selling nearly 23.6% of its paid-up share capital, equivalent to 9.57 crore equity shares.
The size of the IPO has not been disclosed yet and the price band will be decided in consultation with the book-running lead managers taking note of market demand for the equity shares. As per the draft papers, Tata Technologies’ IPO is purely an Offer For Sale (OFS), where the company will sell up to 9.57 crore equity shares representing approximately 23.6% of its paid-up share capital.
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