Tata Tech sets Rs 500 as IPO issue price

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Tata Motors on Saturday said its arm Tata Technologies has finalised the offer price, including the anchor investor offer price, at Rs 500 per equity share for its Initial Public Offering (IPO).

The Rs 3,042.5 crore IPO of Tata Technologies, which provides engineering and product development digital services, was subscribed 69.43 times on the final day of subscription on Friday, driven by remarkable participation from institutional buyers.

“…Tata Technologies Ltd in consultation with book running lead managers to the IPO, has finalised the offer price, including the anchor investor offer price, at Rs 500 per equity share of face value of Rs 2 each,” Tata Motors said in a regulatory filing.

The public issue had a price band of Rs 475-500 per share.

Accordingly, the size of the IPO aggregates to Rs 3,042,51 crore comprising an offer for sale of 4.63 crore equity shares by Tata Motors amounting to Rs 2,313.75 crore, 97.17 lakh equity shares by Alpha TC Holdings Pte Ltd amounting to Rs 485.84 crore and 48.58 lakh equity shares by Tata Capital Growth Fund I, amounting to Rs 242.92 crore, subject to finalisation of basis of allotment, the filing added.

The initial share sale of Tata Technologies received bids for 3,12,64,91,040 shares against 4,50,29,207 shares on offer, as per NSE data.

Tata Technologies is the first company from the Tata Group to float an IPO in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004. — PTI