Tata Technologies on Thursday set a price band of Rs 475 to Rs 500 per share for its initial public offering (IPO), according to a newspaper advertisement.

The IPO, which is a first from the Tata Group in nearly two decades, will have an offer-for-sale of up to 6.09 crore shares from existing shareholders, including Tata Motors .

The offering will open for bids for anchor investors on November 21, while retail investors can make offers between November 22 to November 24.

Reuters last week reported that Tata Technologies is in talks with Morgan Stanley Investment Management, Blackrock and some US hedge funds to invest in its IPO at a valuation of $2.5 billion.