Tata Technologies IPO To Open On November 22

The initial public offering of Tata Technologies Ltd. will open on Nov. 22 and close on Nov. 24.

The IPO will consist of an offer for sale of 6.08 crore shares, according to an exchange filing by Tata Motors Ltd.

Tata Motors will sell 4.62 crore shares, Alpha TC Holdings will sell 9.71 crore shares, and Tata Capital Growth Fund will offload 48 lakh shares, the filing said.

The company earlier announced that it will reserve a portion of its initial public offering shares for its employees as well as shareholders of its parent Tata Motors.

Tata Motors, at present, owns 74.69% of the company, while Alpha TC Holdings and Tata Capital Growth Fund I have 7.26% and 3.63% stakes, respectively.

JM Financial Ltd., Citigroup Global Markets India Pvt. and BofA Securities India will be the book-running lead managers for the issue.

Tata Technologies, a wholly owned subsidiary of Tata Motors, is a global ER&D services firm that offers product development and digital solutions to original equipment manufacturers, not limited to the automotive sector. It counts Jaguar Land Rover Plc and Airbus SE among its clientele. JLR recently expanded its partnership with Tata Technologies for its digital transformation.

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