Tata Tech IPO: Company files addendum to DRHP, to offer 9.57 crore shares for the issue
₹2 per share, according to the addendum filed with SEBI. As part of the Tata Tech IPO, Tata Motors will sell up to 8.11 crore shares via offer for sale, Alpha TC will sell up to 9.71 crore shares, Tata Capital Growth Fund I will offer up to 48.58 lakh shares.
The company has appointed financial institutions like JM Financials, Citi, and BoFA Securities to facilitate the IPO process. According to the Tata Tech IPO Draft red herring prospectus (DRHP), the company will carry out Offer for Sale (OFS) of up to 95,708,984 equity shares by the selling shareholders and reap the benefits of listing the equity shares on public exchanges.
The shares are proposed to be listed on BSE, NSE. "Further, our Company expects that the proposed listing of its Equity Shares will enhance our visibility and brand image as well as provide a public market for the Equity Shares in India," said the Tata Group company in its DRHP.
The price band and offer price of the the IPO will be determined by Tata Tech in consultation with BRLM, said the company in its DRHP. The price will be determined on the basis of assessment of market demand for the equity shares offered through the Book Building Process and on the basis of quantitative and qualitative factors.
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