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

Tata Technologies IPO Price: The most anticipated IPO of 2023, Tata Technologies has set its price band at Rs 450-500 per share. Tata Technologies IPO would be the first Tata company to go public in almost 2 decades.

Tata Technologies IPO GMP

Ahead of the opening, the shares of Tata Technologies in the unlisted market are in heavy demand and the grey market premium (GMP) shot up to Rs 298.

Tata Technologies IPO Dates

This subsidiary of Tata Motors is planning to raise Rs 3,042.51 crore via public issue at the upper price band. The IPO opens for subscription on November 22 and the closing date will be November 24 while the anchor book will be opened for a day on November 21.

Tata Technologies IPO Issue Size

The issue comprises of just an offer-for-sale (OFS) by the promoter and investors. 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.

Also Read: Tata Technologies IPO: The Tata group company in talks with Morgan Stanley, US Funds for IPO investment

Due to this, the company will not get any money from the issue. Meanwhile, Tata Technologies has reserved 20.28 lakh shares for its employees and 60.85 lakh shares for the shareholders of Tata Motors. By this, the net issue excludes the shares reserved for employees and Tata Motors shareholders.

Half of this is reserved for qualified institutional buyers while 15% is reserved for high-networth individuals and the remaining 35% for retail investors.

Tata Technologies IPO Lot Size

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.