Tata Motors on Saturday said its arm Tata Technologies has rounded the offer price, including the anchor investor’s offer price, to Rs 500 per equity share for its initial public offering (IPO).
The Rs 3,042.5 crore IPO of Tata Technologies, which provides digital engineering and product development services, was subscribed 69.43 times on the last day of subscription on Friday, driven by notable participation from institutional buyers.
“…Tata Technologies Ltd, in consultation with the lead managers for the IPO, has rounded the offer price, including the anchor investor offer price, to 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 is Rs 3,042.51 crore, comprising of offer for sale of 4.63 crore shares by Tata Motors amounting to Rs 2,313.75 crore, 97.17 lakh shares by Alpha TC Holdings Pte Ltd amounting to Rs 485.84 crore and 48.58 crore. lakh shares by Tata Capital Growth Fund I, amounting to Rs 242.92 crore, subject to finalization of the base of allotment, the filing said.
Tata Technologies’ initial share sale saw bids for 3,12,64,91,040 shares against 4,50,29,207 shares on offer, according to NSE data.
Tata Technologies is the first company from the Tata Group in almost twenty years to make an IPO. Tata Consultancy Services was the group’s last IPO in 2004.
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