Tata Technologies on Thursday fixed the price band at Rs 475-500 per equity share for its Rs 3,042-crore initial public offering (IPO). The public issue will open for public subscription on November 22 and close on November 24. The anchor book will be opened for a day on November 21, the company said.
This will be the first company from the Tata Group to float an initial share sale in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004.
The IPO of Tata Technologies is entirely an offer for sale (OFS) of more than 60 million (60,850,278) shares by promoter Tata Motors and investor shareholders Alpha TC Holdings and Tata Capital Growth Fund I. Since the issue is entirely an OFS, the company will not receive any proceed from the offer.
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The Pune-based ER&D company has reserved more than 2 million equity shares for its employees and more than 6 million shares for shareholders of Tata Motors. After deducting the shares reserved, the size of the offer comes to approximately 52.7 million equity shares.
Parent Tata Motors will offload more than 46.2 million shares worth Rs 2,313.75 crore. Alpha TC Holdings will be selling more than 9.7 million shares worth Rs 485.84 crore and Tata Capital Growth Fund I will offload more than 4.8 million shares worth Rs 242.92 crore.
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The company has reserved half of the offer size for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail investors.
According to the red herring prospectus (RHP), Tata Motors has a stake of 64.79% in Tata Technologies. In between the filings of the draft red herring prospectus and the RHP, Tata Motors sold about 9.9% of its stake. Tata Motors sold 36.5 million shares to TPG Rise Climate SF Pte at Rs 401.81 per share, valuing the transaction at Rs 1,467 crore.
JM Financial, Citigroup Global Markets India and BofA Securities India are the investment bankers to the issue.
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Let’s help you make sense of today’s tangle of Connections.
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