The Initial Public Offering (IPO) from Tata Technologies of the Tata Group is finalised at an offer price of ₹500 per equity share of face value of ₹2 each., parent Tata Motors informed the stock exchanges in a filing.
“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 ₹23,137.50 million, 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd. amounting to ₹4,858.43 million and 4,858,425 Equity Shares by Tata Capital Growth Fund I amounting to ₹2,429.21 million, subject to finalisation of basis of allotment,” Tata Motors said in a statement.
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Acquired by the Tata Group in 1996, the company which was incorporated as Core Software Systems Pvt Ltd in 1994 specialises in product development for Original Equipment Manufacturers (OEM) and new energy vehicle companies.
Tata Technologies has 12,451 employees with a revenue of ₹25.23 billion in 6MFY24. 88 per cent of the revenue comes from the automotive segment which has seen a 41 per cent CAGR growth between 2021-2023.
Further, the company plans to leverage its automotive expertise to expand its presence in the Aerospace and Transport and Construction Heavy Machinery (TCHM) segments.