Monday, April 22, 2024
HomeNewsTata Technologies offer price finalized at Rs 500 per share

Tata Technologies offer price finalized at Rs 500 per share

Tata Motors’ subsidiary, Tata Technologies, has set the offer price for its IPO at Rs 500 per equity share, including the anchor investor offer price. 

The IPO, worth Rs 3,042.5 crore, witnessed strong institutional buyer participation and was oversubscribed 69.43 times on the final day of subscription. 

“…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 Rs 500 per equity share of face value of Rs 2 each,” Tata Motors said in a regulatory filing.

The public issue had a price band of Rs 475-500 per share.

Therefore, the IPO size totals Rs 3,042.51 crore. This includes an offer for sale by Tata Motors, involving 4.63 crore equity shares valued at Rs 2,313.75 crore, Alpha TC Holdings Pte Ltd offering 97.17 lakh equity shares worth Rs 485.84 crore, and Tata Capital Growth Fund I putting forth 48.58 lakh equity shares valued at Rs 242.92 crore. The final allotment is contingent on the finalization of the basis of allotment, as mentioned in the filing.

The IPO of Tata Technologies garnered bids for 3,12,64,91,040 shares, while the offer included 4,50,29,207 shares, according to NSE data.

This marks a significant event for Tata Technologies, as it becomes the first company from the Tata Group to launch an IPO in almost two decades. The last IPO from the group was Tata Consultancy Services in 2004.

Subscribe To Newsletter

ICYMI

BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.