New Tata Group IPO coming soon in 2023, details inside
After several years one of India’s biggest conglomerates, Tata Group, is planning for an IPO. As per latest reports, Tata Technologies has started working on the IPO. The company plans to raise Rs 4,000 crore with the Initial Public Offering, a latest report by ET said.
Earlier it was reported that Tata Tech is working with two advisors on the IPO. However, the latest report suggests the company is in touch with multiple merchant bankers as it tries to gauge the timing and other aspects of the public offering.
Tata Motors is the majority stakeholder in Tata Technologies at 74.42 percent. It had announced its move to partially divest equity stake in Tata Tech through the IPO route back in December 2022. It was awarded an in-principle approval by the IPO Committee for the divestment move.
The Tata Tech IPO will be subject to market conditions, applicable approvals and regulatory clearances, the exchange filing had said. This will include observations from SEBI (Securities and Exchange Board of India) and certain other considerations, Zee Business reported.
About the company
Tata Tech is a global engineering and product development digital services arm of the Tata Group. The company offers its services to industries like automotive, industrial heavy machinery and aerospace. In FY22, Tata Tech had a revenue of $473.5 million. The company was founded as a Tata Motors unit back in 1989.
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