The much-anticipated initial public offer (IPO) of Tata Technologies is set to open for public subscription on November 22, 2023. The IPO will comprise an offer for sale (OFS) of up to 6.08 crore equity shares for cash, representing approximately 15% of the company’s paid-up equity share capital.
The price band for the issue is yet to be announced, but is expected to be in the range of ₹1,000 to ₹1,200 per share. The IPO is expected to raise around ₹6,000 to ₹7,200 crore.
The proceeds from the IPO will be used to fund the company’s expansion plans, including investments in new product development, technology infrastructure, and geographical reach.
Tata Technologies is a leading global provider of engineering and product development digital services. The company has a strong track record of growth and profitability, and is well-positioned to capitalize on the growing demand for digital engineering services.
The IPO is expected to be well-received by investors, given the company’s strong fundamentals and promising growth prospects.