Get ready for a significant financial milestone as Tata Technologies gears up to launch its IPO on November 22, adopting the offer-for-sale (OFS) approach. Notably, this marks a historic moment for the Tata Group, as it is the first IPO from the conglomerate since the successful listing of Tata Consultancy Services (TCS) back in 2004. Stay tuned for key updates and insights into this groundbreaking offering.
Tata Technologies is poised to make a significant mark in the IPO market, signifying Tata Group’s return after almost two decades. Scheduled for November 22, the IPO takes the form of an offer-for-sale (OFS). This marks a pivotal moment for Tata Group, as it is the conglomerate’s first IPO since the successful listing of Tata Consultancy Services (TCS) in 2004.
In an exchange filing on November 13, the company revealed that Tata Technologies Limited had submitted the Red Herring Prospectus (RHP) to the Registrar of Companies in Pune. This move sets the stage for a crucial development in Tata’s financial ventures.
In the Red Herring Prospectus (RHP), it’s disclosed that the IPO involves an offer-for-sale (OFS) of 60,850,278 equity shares for cash. This comprises 46,275,000 Equity Shares by the Company, up to 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd, and up to 4,858,425 Equity Shares by Tata Capital Growth Fund I.
Representing 11.41%, 2.40%, and 1.20% of Tata Technologies Limited’s equity share capital, the IPO is a significant move. As a Tata Motors Limited subsidiary, Tata Technologies filed a draft red herring prospectus (DRHP) on March 9, 2023, with the Securities and Exchange Board of India. The IPO includes a 10% reservation (6,085,027 Equity Shares) for eligible TML shareholders as of the RHP filing date.
Scheduled to open on November 22, 2023, and close on November 24, 2023, the IPO is highly anticipated. Tata Motors, the parent company, recently reported a robust consolidated net profit of Rs 3,783 crore for the September quarter, marking four consecutive quarters of strong performance, notably driven by Jaguar Land Rover’s outstanding results on November 2.
Source:https://www.indiatoday.in/business
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