Tata Technologies’ Initial Public Offering (IPO) is finalised at an offer price of Rs 500 per equity share of face value of Rs 2 each, Tata Motors said in a regulatory filing on Saturday.
Read More: Tata Motors’ Subsidiary, Tata Technologies, Finalizes Offer Price For IPO At ₹500 Per Equity Share
“The size of IPO aggregates to ₹30,425.14 million, comprising an offer for sale of 46,275,000 Equity Shares by the Company amounting to Rs 23,137.50 million, 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd. amounting to Rs 4,858.43 million and 4,858,425 Equity Shares by Tata Capital Growth Fund I amounting to Rs 2,429.21 million, subject to finalisation of basis of allotment,” Tata Motors said in a statement.
The Tata Group’s much-awaited IPO opened for subscription on November 22, 2023, for three days.
Read More: Tata Tech IPO allotment status: Check application, latest GMP and listing date
The issue was overall subscribed a strong 69.43 times as of 5 PM and bids worth Rs 1.56 lakh crore for an issue size of Rs 2,200 crore, excluding the anchor portion. The portion for qualified institutional bidders was subscribed a whopping 203.41 times, while the portion reserved for non-institutional investors saw 62.11 times bidding.
Tata Technologies, a subsidiary of Tata Motors, is a pure-play manufacturing-focused Engineering Research & Development (ER&D) company, primarily focused on the automotive industry.
Tata Investment Corporation is a promoter group entity in Tata Motors, owning a 0.33 per cent stake as of September 30.
