Tata Technologies’ Initial Public Offering (IPO) is finalised at an offer price of Rs 500 per equity share of face value of Rs 2 each, Tata Motors said in a regulatory filing on Saturday.
“The size of IPO aggregates to ₹30,425.14 million, comprising an offer for sale of 46,275,000 Equity Shares by the Company amounting to Rs 23,137.50 million, 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd. amounting to Rs 4,858.43 million and 4,858,425 Equity Shares by Tata Capital Growth Fund I amounting to Rs 2,429.21 million, subject to finalisation of basis of allotment,” Tata Motors said in a statement.
The Tata Group’s much-awaited IPO opened for subscription on November 22, 2023, for three days. The Tata Technologies IPO opened on November 22 with a price band Rs 475- Rs 500, with no fresh issue component.
The issue was overall subscribed a strong 69.43 times as of 5 PM and bids worth Rs 1.56 lakh crore for an issue size of Rs 2,200 crore, excluding the anchor portion. The portion for qualified institutional bidders was subscribed a whopping 203.41 times, while the portion reserved for non-institutional investors saw 62.11 times bidding.
Shares of Tata Technologies will be listed on both BSE and NSE on Thursday, November 30.
Tata Technologies, a subsidiary of Tata Motors, is a pure-play manufacturing-focused Engineering Research & Development (ER&D) company, primarily focused on the automotive industry. Tata Investment Corporation is a promoter group entity in Tata Motors, owning a 0.33 per cent stake as of September 30.
Tata Technologies has 12,451 employees with a revenue of Rs 25.23 billion in 6MFY24. About 88 per cent of the revenue comes from the automotive segment which has seen a 41 per cent CAGR growth between 2021-2023.
Retail investors, Tata Technologies’ employees and Tata Motors’ shareholders were also not far behind when it comes to the issue, subscribing 16.50 times, 3.7 times and 29.2 times, respectively. There was a 35 per cent reservation in the net issue for these subscribers.
Tata Technologies has raised Rs 791.05 crore, ahead of its IPO, on Tuesday. Among the marquee investors included Goldman Sachs, Government Pension Fund Global, BNP Paribas Funds, Prudential Assurance Company, HSBC Global, Florida Retirement System, Oaktree Emerging Markets Equity Fund, Brinker Capital Destinations Trust, Great Eastern Life-Singapore Life Insurance Fund, RBC Asia Pacific Ex-Japan Equity Fund and Copthall Mauritius Investment.
Domestic mutual funds and insurance companies, including SBI Mutual Fund, ICICI Prudential Mutual Fund, Nippon Life, Aditya Birla Sun Life Trustee, Franklin Templeton Mutual Fund, SBI Life Insurance Company, Kotak Mutual Fund, DSP Mutual Fund, HDFC Life Insurance Company, Mirae Asset Mutual Fund, Bandhan Mutual Fund, Edelweiss Trusteeship, Motilal Oswal Mutual Fund, Sundaram Mutual Fund, Axis Mutual Fund, Canara Robeco Mutual Fund, Kotak Mahindra Life Insurance Company, JM Financial Mutual Fund, Bajaj Allianz Life Insurance Company, and Bharti Axa Life Insurance Company, also participated in the anchor portion.
Tata Technologies IPO allotment status
Those who have applied for the public issue can check their application status online after logging in at the BSE website or at the website of the official registrar of the public offer.
JM Financial, Citigroup Global Markets India and BofA Securities India are the lead managers of the Tata Tech IPO, while Link Intime India is the registrar for the issue.
For more convenience they can login at direct BSE link — bseindia.com/investors/appli_check.aspx or direct Link Intime portal link — linkintime.co.in/mipo/ipoallotment.html.
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