Tata Technologies files draft papers to raise funds via IPO

10 Mar 2023 , 09:45 AM

Product engineering and digital services company, Tata Technologies Limited has filed preliminary papers with SEBI to raise funds through initial public offer (IPO). 

The issue is totally an offer for sale of up to 95.71 million shares by its existing promoters and shareholders. This consists up to 81.13 million shares by Tata Motors, up to 9.72 million shares by Alpha TC Holdings Pte and up to 4.86 million shares by Tata Capital Growth Fund I.

As per the company’s 2022 annual report, currently Tata Motors holds 74.69% stake in the firm while Alpha TC Holdings Pte has 7.26% stake. Tata Capital Growth Fund I has 3.63% stake in the company.

Tata Technologies is a global engineering and product development digital services firm. It offers services to industries across automotive, aerospace, industrial heavy machinery and others.

JM Financial Ltd, BofA Securities and Citigroup Global Markets India Pvt Ltd are the merchant bankers to the issue.

In June, Tata Technologies joined the Foxconn-initiated MIH Consortium to promote the development of sustainable mobility solutions and encourage collaboration within the industry.