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Tata Technologies IPO Set to Open on November 22
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ByStartupStory | November 14, 2023
Tata Motors has announced that Tata Technologies’ initial public offering (IPO) is scheduled to open for subscription on November 22. This marks the first IPO by a Tata Group company in nearly two decades. Tata Technologies, specializing in engineering and product development digital services, plans to offer 60.9 million shares, representing 15% of its paid-up capital, in the IPO.
This is lower than the 23.6% initially indicated in its draft prospectus.
Tata Motors will reportedly divest an 11.4% stake, while private equity firm Alpha TC Holdings and Tata Capital Growth Fund I will sell 2.4% and 1.2% stakes, respectively. The IPO subscription period concludes on November 24.
Tata Technologies has been in talks with entities like Morgan Stanley Investment Management, Blackrock, and certain US hedge funds for potential investments, aiming for a valuation of $2.5 billion.
In a separate development, Tata Motors reported a consolidated net profit of Rs 3,783 crore for the September quarter, attributed to the strong performance of its British subsidiary, Jaguar Land Rover. This marks the fourth consecutive quarter of positive results for Tata Motors.
The company had posted a consolidated net loss of Rs 1,004 crore in the same period last fiscal year. The total consolidated revenue from operations stood at Rs 1,05128 crore, compared to Rs 79,611 crore in the corresponding period last year. On a standalone basis, Tata Motors reported a net profit of Rs 1,270 crore for the September quarter.
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