Sebi approves Tata Technologies IPO, first from Tatas after 19 years
Markets regulator Sebi approved the IPO of Tata Technologies which would be the first public issue from the Tata Group after nearly two decades. Tata Tech had filed IPO papers with Sebi in March. The issue is completely an offer for sale (OFS), under which the selling shareholders will offload up to 9.57 crore units representing 23.60% of its paid-up share capital.
The IPO is a much-awaited one as it is the first one from the much-storied Tata Group after 19 years. The last IPO from the diversified conglomerate was that of Tata Consultancy Services (TCS) in July 2004. Since then, the Nifty stock has been one of the biggest wealth creators on Dalal Street and now commands a market capitalisation of around Rs 11.7 lakh crore.
JM Financial Limited, Citigroup Global Markets India Private Limited, and BofA Securities India Limited are the Book Running Lead Managers to the IPO.
The size of the IPO hasn’t been disclosed yet but market insiders estimate that the issue could be worth at least Rs 4,000 crore. The price band will be determined in consultation with the book-running lead managers, on the basis of the assessment of market demand for the equity shares offered through the book-building process.
