Tata Technologies is reportedly in talks with Morgan Stanley, Blackrock and some US Hedge funds to invest in its much anticipated IPO at a valuation of $2.5 billion.
As per Reuters, Tata Technologies that has planned a $350-375 million IPO is in talks with U.S asset managers Ghisallo Capital, Oaktree Capital and Key Square Capital, as well as Blackrock and Morgan Stanley for possible participation in the deal.
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The report further mentioned that these companies are eyeing Tata's Anchor book which allots shares to high profile institutional investors before the subscription opens for retail and other investors. Investors are assessing Tata Technologies' valuation to be $2.5 billion now, around 25% higher than last month when TPG picked up a 9.9% stake in a pre-IPO fundraising.
Reuters also reported that the IPO will open for subscriptions around November 21 and will making its trading debut by late November. After Mankind and Blackstone-owned Nexus Malls, this could be one of India's biggest IPO this year.
This IPO will also be Tata Group's first IPO in two decades, which has many listed businesses including in the auto and steel sectors.