Tata Technologies IPO to open for subscription on this date

Tata Tech IPO: The IPO would comprise up to 60,850,278 shares for cash entailing 15 per cent of paid-up equity share capital of Tata Technologies.

Tata Tech IPO: Tata Technologies, which provides engineering and product development digital services, has said its initial public offering (IPO) will open for public subscription on November 22.

Last month, Tata Motors had stated that it has inked a pact to sell a 9.9% stake in Tata Technologies to TPG Rise Climate for ₹1,613.7 crore. (Reuters)

The company, a unit of Tata Motors, filed the RHP (red herring prospectus) on November 13, 2023 with the Registrar of Companies, Maharashtra, Tata Motors said in a regulatory filing on Monday.

The IPO would comprise up to 60,850,278 shares for cash entailing 15% of paid-up equity share capital of Tata Technologies, it added.

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As part of the process, Tata Motors will offload 11.4% stake, private equity firm Alpha TC Holdings will sell a 2.4% stake, and Tata Capital Growth Fund I will do away with 1.2% of shareholding.

The IPO will open for public subscription on November 22 and close on November 24, 2023, Tata Motors said.

Last month, Tata Motors had stated that it has inked a pact to sell a 9.9% stake in Tata Technologies to TPG Rise Climate for ₹1,613.7 crore.

Shares of Tata Motors ended almost flat at ₹653.10 apiece on the BSE on Monday.