Tata Technologies, a leading engineering and product development services company, is set to open its initial public offering (IPO) on November 22, 2023. The IPO will comprise an offer for sale of up to 60.85 million shares, representing 15% of its paid-up capital.
The price band for the IPO has been set at Rs. 1,000-1,050 per share. The IPO is expected to raise around Rs. 6,085-6,393 crore ($750 million-$800 million).
The IPO will be open for subscription from November 22 to November 24, 2023. The shares are expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on December 1, 2023.
Tata Technologies is a global provider of engineering and product development services to the automotive, aerospace, industrial machinery, and consumer goods industries. The company has a strong track record of growth and profitability.
The IPO proceeds will be used to fund the company's expansion plans, including setting up new engineering centers, investing in research and development, and making strategic acquisitions.
The Tata Technologies IPO is expected to be one of the largest in India in recent years. The company's strong fundamentals and growth prospects are likely to attract strong investor interest.
Details of the Tata Technologies IPO:
- Issue size: Up to 60.85 million shares
- Price band: Rs. 1,000-1,050 per share
- Opening date: November 22, 2023
- Closing date: November 24, 2023
- Listing date: December 1, 2023
- Lead managers: ICICI Securities, JPMorgan Chase, Kotak Mahindra Bank, and Citigroup
Overall, the Tata Technologies IPO is a promising investment opportunity for investors who are seeking exposure to a high-quality company with strong growth prospects.
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