Tata Technologies’ initial public offering will begin accepting subscriptions on November 22, according to Tata Motors late Monday. This will be the first Tata Group IPO in over two decades.
Tata Technologies, a supplier of engineering and product development digital services, said its IPO will consist of 60.9 million shares, or 15% of its paid-up capital.
This is less than the 23.6% stated in the draft prospectus.
Tata Motors will sell an 11.4% interest, private equity company Alpha TC Holdings will sell a 2.4% stake, and Tata Capital Growth Fund I will sell a 1.2% stake.
The IPO concludes on November 24th.
According to Reuters, Tata Technologies is in negotiations with Morgan Stanley Investment Management, Blackrock, and other US hedge funds about investing in its $2.5 billion IPO.
Tata Motors said last month that it will sell a 9% share in Tata Technologies to a fund managed by US private equity firm TPG in a deal valued at about $2 billion.