Tata Technologies sets IPO price band at ₹475-500 per share

Tata Technologies' IPO, the first from the Tata Group in nearly two decades, will offer up to 6 crore shares from existing shareholders.

India's Tata Technologies on Thursday set a price band of 475 rupees to 500 rupees per share for its initial public offering (IPO), according to a newspaper advertisement.

IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.

The IPO, which is a first from the Tata Group in nearly two decades, will have an offer for sale of up to 60.9 million shares from existing shareholders, including Tata Motors.

The offering will open for bids for anchor investors on Nov. 21, while retail investors can make offers between Nov. 22 to Nov. 24.

Reuters last week reported that Tata Technologies is in talks with Morgan Stanley Investment Management, Blackrock and some U.S. hedge funds to invest in its IPO at a valuation of $2.5 billion.