MUMBAI - Tata Technologies, a global engineering and product development digital services company, is gearing up for its initial public offering (IPO) scheduled from November 22 to 24. The firm, which has been preparing for this move since earlier this year, has received the green light from the Securities and Exchange Board of India (SEBI).
The upcoming IPO will see a scaled-down offer of 6.08 crore equity shares, a reduction from the previously anticipated 9.57 crore shares. The exact price band for the IPO has not yet been disclosed. This public offering will include an offer for sale (OFS) by key stakeholders.
In the OFS, Tata Motors (NYSE:TTM) is expected to sell a substantial portion of its holdings, amounting to 4.62 crore shares. Alpha TC Holdings is set to part with 97.1 lakh shares, while Tata Capital Growth Fund will divest 48 lakh shares. Notably, there is a special provision in place for Tata Motors' eligible shareholders: a reserved quota of 10% of the shares.
This IPO comes as part of Tata Technologies' strategic efforts to expand its reach and capabilities in the engineering and product development domains. The company's focus on digital services positions it well in a rapidly evolving industry where technology plays a pivotal role.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.