Tata Tech IPO date announced
The wait for Tata Tech IPO is now over. This IPO was eagerly awaited for the last several months. Now its date has come out. An IPO is being launched by Tata Group after 20 years. Tata Tech’s IPO will open for subscription on 22nd November and bidding for it can be done till 24th November. This entire IPO will come under Offer for Sale (OFS).
This means that there will be no fresh issue in the IPO. Three shareholders will sell some of their shares in the IPO. Earlier, 9.57 crore shares were to be sold in the IPO, which has now been reduced to 6.08 crore. It is possible that because of this it will no longer be India’s biggest IPO. However, the company has not yet shared any information about the price band. Once the price band is announced, the picture will become clearer.
Who will sell how many shares?
Through the offer for sale, Tata Motors will offload 46,275,000 shares, Alpha TC Holding Private Limited 9,716,853 and Tata Capital Growth Fund I will offload 4,858,425 shares. This will be 11.41 percent, 2.40 percent and 1.20 percent of their stake respectively. 10 percent of the offer for sale will be reserved for the employees of Tata Tech and Tata Motors. Tata Tech had submitted IPO preliminary documents (DRHP) with SEBI in March.
What does Tata Tech do?
Tata Technology is owned by Tata Motors. This company provides product development and digital solutions to Original Equipment Manufacturers (OEM). Its clients include companies like Jaguar Land Rover and Airbus SE. Jaguar Land Rover is also a Tata Group company.
Company Finance
Talking about the financial condition of the company, both its profit and revenue in FY 23 were slightly less than in FY 22. However, the company does not have any debt which makes it a preferred investment option for investors. In FY 23, the company’s revenue was Rs 4418 crore and profit was Rs 708 crore.
