Tata Technologies offer price finalised at ₹500 per share: Details here
Tata Motors, on Saturday evening, announced that its subsidiary, Tata Technologies, has finalised the offer price, including the anchor investor offer price, for its Initial Public Offering (IPO) at ₹500 per equity share. The IPO, valued at ₹3,042.5 crore, witnessed a subscription of 69.43 times on the last day of subscription on Friday, primarily fueled by significant involvement from institutional buyers. This offering focuses on engineering and product development digital services.
"...Tata Technologies Ltd in consultation with book running lead managers to the IPO, has finalised the offer price, including the anchor investor offer price, at ₹500 per equity share of face value of ₹2 each," Tata Motors said in a regulatory filing. The public issue had a price band of ₹475-500 per share. As Tata Technologies IPO closed on Friday, the allotment of the shares is likely on Tuesday, next week i.e.
28th November 2023, as stock market remains closed on Saturday Sunday. Meanwhile, Tata Technologies IPO listing date is most likely on 30th November 2023 i.e. Thursday next week.
As per the information provided, the initial public offering (IPO) amounts to ₹3,042.51 crore. This includes a sale of 4.63 crore equity shares by Tata Motors, totaling ₹2,313.75 crore, a sale of 97.17 lakh equity shares by Alpha TC Holdings Pte Ltd, amounting to ₹485.84 crore, and a sale of 48.58 lakh equity shares by Tata Capital Growth Fund I, totaling ₹242.92 crore. It's important to note that these figures are contingent upon the finalization of the basis of allotment, as stated in the filing.
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