Tata Technologies IPO: SEBI approves Tata group's first public offering after 19 years

Markets regulator SEBI has approved the Initial Public Offering (IPO) of Tata technologies, a subsidiary of Tata Motors. This would be the first public issue from the Tata Group after nearly two decades. The last IPO from the group was Tata Consultancy Services (TCS) in 2004.

The group had applied for the IPO to SEBI in March. As per the Economic Times, the issue is completely an offer for sale (OFS) under which the selling shareholders will offload up to 9.57 crore units representing 23.6% of its paid-up share capital. Paid up share capital is the sum of money a company gets from shareholders when it sells shares to them.

Tata technologies, a subsidiary of Tata Motors, is a engineering services firm that provides product development and digital engineering solutions focused on manufacturing led verticals.

Following the approval, Tata Motors share price surged to a 52-week high.