 "Tata Technologies IPO: Details of public offer opening on November 22")
The Tata Group is launching the initial public offering (IPO) of Tata Technologies Limited on November 22. The bidding for the IPO will remain open till November 24, 2023, and thus, Tata Technologies IPO will open on Wednesday this week, and it will remain open for bidders till Friday (November 24).
Tata Technologies IPO: What is the price band of the IPO?
The price band of the IPO has been fixed at Rs 475 to Rs 500 per share. This valuation places the Tata Group company at over Rs 20,283 crore, calculated based on the upper price band of the IPO. According to a report in the Mint, the shares of Tata Technologies Ltd are available at a premium of Rs 352 in the grey market today, which is unchanged as it is Rs 17 lower from its weekend GMP of Rs 369 per share.
Market observers said that a dip of Rs 17 should not be a cause of worry for investors as Tata Technologies IPO GMP is still near 70 per cent of Tata Technologies IPO price band of Rs 475 to Rs 500.
What is the bidding period for the Tata Tech IPO?
The Tata Technologies IPO will be open for bidding from November 22 (Wednesday) and will conclude on November 24 (Friday). The bidding is likely to take place between 10 am to 5 pm.
Also Read: Analysts upbeat on Tata Tech IPO; GMP signals robust demand
Also Read: Analysts upbeat on Tata Tech IPO; GMP signals robust demand
A bidder can apply in lots, and one lot will comprise 30 Tata Technologies shares. In the wake of T+3 schedule, Tata Technologies IPO allotment date is most likely on November 27 or November 28, 2023, and the Tata Technologies IPO listing date may fall on November 29, 2023.
Is there a quota for Tata Motors shareholders?
The company has decided that the IPO includes a reserved 10 per cent quota for Tata Motors shareholders.
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What is the lot size of the Tata Tech IPO?
Investors can bid for a minimum of 30 shares, requiring a minimum investment of Rs 14,250, calculated using the lower price band of Rs 475. The Tata Technologies IPO aims to raise Rs 3,042.51 crore and follows an offer-for-sale (OFS) structure, implying that funds will not go to the company but to the selling shareholders.