Tata Technologies’ IPO is set to open on November 22, offering up to 60,850,278 shares, equivalent to 15% of the company’s paid-up equity share capital. The digital services provider, specializing in engineering and product development, is gearing up for public subscription.
Tata Technologies, known for its engineering and product development digital services, has announced that its initial public offering (IPO) will be available for public subscription starting on November 22.
The company, a subsidiary of Tata Motors, submitted the Red Herring Prospectus (RHP) on November 13, 2023, to the Registrar of Companies, Maharashtra, as stated in a regulatory filing by Tata Motors on Monday.
The IPO will consist of up to 60,850,278 shares, representing 15% of Tata Technologies’ paid-up equity share capital, available for cash investment.
As part of the process, Tata Motors will divest an 11.4% stake, private equity firm Alpha TC Holdings will sell a 2.4% stake, and Tata Capital Growth Fund I will relinquish 1.2% of its shareholding.
The IPO is set to open for public subscription on November 22 and will conclude on November 24, 2023, according to Tata Motors. In the previous month, Tata Motors had announced a deal to sell a 9.9% stake in Tata Technologies to TPG Rise Climate for ₹1,613.7 crore.