Tata Technologies IPO: GMP to how to apply online, know it all here

tech.hindustantimes.com:

Tata Technologies Ltd, a subsidiary of Tata Motors Ltd, on March 10, 2023 filed a draft red herring prospectus with market regulator Sebi for the launch of its initial public offering (IPO). Ever since then market observers, Tata Motors shareholders and investors are eagerly waiting for the IPO to open for subscription. As mentioned in Tata Technologies DRHP, Tata Motors has bought Tata Technologies shares paying Rs. 7.40 per share price and as per the market expectations, market capital of Tata Technologies is expected to be around Rs. 18000 to Rs. 20000 crore, which means one share of Tata Technologies would cost around Rs. 500 apiece, a report by Live Mint stated.

Meanwhile, the grey market is also bullish on Tata Technologies IPO. According to market observers, Tata Technologies share price is trading around Rs. 830 per equity share. Notably, The company is yet to fix IPO price and the opening date of the subscription process. Also, the IPO is purely an offer for sale (OFS), where the company will sell up to 9.57 crore equity shares representing approximately 23.60 percent of its paid-up share capital, according to the Draft Red Herring Prospectus (DRHP). The shares of the company are proposed to be listed on both NSE and BSE.

The Selling Shareholders Will be entitled to the entire proceeds of the Offer after deducting their portion of the Offer expenses and relevant taxes thereon. The company will not receive any proceeds from the Offer. The objects of the Offer are to (i) achieve the benefits of listing the Equity Shares on the Stock Exchanges; and (ii) carry out the Offer for Sale of up to 95,708,984 Equity Shares by the Selling Shareholders.

JM Financial Ltd, Citigroup Global Markets India and BofA Securities India