Tata Technologies eye IPO next year
Tata Technologies, the engineering design and technology arm of India's leading corporate house, is looking to tap the capital market through an initial public offer by the next year, a senior company official said in London.
"We are looking to list Tata Technologies in Indian market through an IPO in 2008," David Myers, the Chief Financial Officer of UK-based INCAT Ltd, a Tata Technologies company, said in London.
The funds would be used to repay some of the debt and for our future expansion programs, Myers told a group of visiting Indian journalists in London.
"We have set a goal to increase our total revenue to $500 million by 2010, from about $220 million currently," he said.
Tata Technologies had acquired INCAT in October 2005. Prior to this, INCAT had listed on the London Stock Exchange's AIM market nearly a year ago in November 2004, but remain listed for just about a year.
INCAT was listed on AIM at a price of 128 pence per share, after raising a total of 13 million pounds in the IPO. However, in less than a year, its 53 million pound acquisition by Tatas valued it more than 200 pence a share.
INCAT was established in 1989 and in 1991 it was on the verge of bankruptcy when the company's employees chipped in and bought it from the then owners. Later in 2005, it was acquired by Tata Technologies, but the INCAT brand name was retained as it was already established in the UK and other European markets, Myers said.