Tata Technologies, a leading provider of engineering and product development digital services, has announced that it will be initiating its initial public offering (IPO) for public subscription on November 22. The company, a subsidiary of Tata Motors, filed the red herring prospectus (RHP) with the Registrar of Companies in Maharashtra on November 13, 2023, according to a regulatory filing from Tata Motors on Monday.
The IPO will consist of up to 60,850,278 shares, representing 15 percent of Tata Technologies’ paid-up equity share capital. In the process, Tata Motors will sell off 11.4 percent of its stake, while private equity firm Alpha TC Holdings and Tata Capital Growth Fund I will offload 2.4 percent and 1.2 percent of their shareholding, respectively.
The IPO subscription period will begin on November 22 and conclude on November 24, 2023. This news comes on the heels of Tata Motors’ recent agreement to sell a 9.9 percent stake in Tata Technologies to TPG Rise Climate for Rs 1,613.7 crore. On Monday, Tata Motors’ shares closed nearly unchanged at Rs 653.10 apiece on the BSE.
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