Tata Technologies IPO to open for subscription on Nov 22

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. 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 per cent of paid-up equity share capital of Tata Technologies, it added.

As part of the process, Tata Motors will offload 11.4 per cent stake, private equity firm Alpha TC Holdings will sell a 2.4 per cent stake, and Tata Capital Growth Fund I will do away with 1.2 per cent 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 per cent stake in Tata Technologies to TPG Rise Climate for Rs 1,613.7 crore.

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