Tata Technologies IPO opens for subscription under pre-apply mode; here are the details

Tata Technologies IPO: The much anticipated IPO of 2023 Tata Technologies is now open for subscription under pre apply mode and its shares are already demanding a premium of Rs 850 in the grey market. This is a 70% uptick over the issue price of Rs 475-500 per equity share.

Pre Apply Mode

Pre-applying for an IPO is a way to apply for IPOs in advance, before they go Live. Once the IPO goes Live, you will receive a UPI mandate. Accept this to block the IPO application amount and successfully place your bid.

Also Read: Tata Technologies IPO: The Tata group company sets price band at Rs 475-500 per share

Tata Technologies IPO opens for subscription on November 22 and will go on till Novermber 24. The firm is planning to raise Rs 3,042.51 crore via the issue of over 6 crore equity shares at the upper price band.

Tata Technologies IPO

The IPO is entirely an Offer-For-Sale (OFS) by the promoter Tata Motors, and investors Alpha TC Holdings, and Tata Capital Growth Fund I. Hence, the company will not get any money from the public issue.

The promoter Tata Motors will be releasing 4.62 crore equity shares worth Rs 2,313.75 crore in the OFS, while investors Alpha TC Holdings Pte Ltd will be selling 97.17 lakh shares worth Rs 485.84 crore, and Tata Capital Growth Fund I selling 48.58 shares worth Rs 242.92 crore.

Tata Technologies has reserved 20.28 lakh shares for its employees and 60.85 lakh shares for the shareholders of Tata Motors. Investors can bid for a minimum of 30 equity shares and in multiples of 30 shares thereafter. Retail investors can make a minimum investment of Rs 15,000 for 30 shares, and their maximum investment would be Rs 1.95 lakh (390 shares) as they are allowed to invest up to Rs 2 lakh in the IPO.