Last updated: Nov 16, 2023 1:17 PM IST
Tata Motors (Photo: Reuters)
Shares of Tata Motors hit a 52-week high of Rs 678.55 on BSE on Thursday; This is why
Shares of Tata Motors hit a 52-week high of Rs 678.55 on BSE on Thursday (Nov 16) after it said it would sell its 11.41 per cent stake worth Rs 4.62 crore, and also on a day when a Tata group company… Tata Tech has announced its IPO band price.
The auto company’s shares surpassed the previous high of Rs 677.90 on October 16, 2023. At the top end of the price range, Tata Technologies’ IPO size will be Rs 3,042.5 crore, while the company will be valued at Rs 20,283 crore.
The IPO was issued under a bid-for-sale scheme.
This is after almost two decades of a Tata group company considering an IPO. The last Tata group company to launch an IPO was Tata Consultancies, which launched an IPO in 2004.
Tata Tech was last valued at around $2 billion (Rs 16,300 crore), when TPG Climate acquired around 9% stake in the company.
During the nine-month period ended December 2022, the company posted a 15% year-on-year (year-on-year) revenue growth of Rs 3,052 crore. Turnover from the services segment contributed 88% to total turnover. The company’s net profit during the same period stood at Rs 407 crore. During the 2021-23 financial year, revenue grew at a compound annual growth rate (CAGR) of 30%, leading to an EBITDA CAGR of 46%. PAT for the same period increased at a CAGR of 61.5%.
JM Financial, Citigroup Global Markets India and BofA Securities India are the lead managers of the IPO. The name of the registrar is Link Intime India Private Limited.
Bids can be made for a minimum of 30 shares and then in multiples of 30 shares. The minimum bid amount for retail investors is Rs 15,000 while Rs 210,000 for non-institutional investors (NIIs). As far as the qualified institutional buyers are concerned, it is Rs 1,005,000.
The employee quota is 2,028,342 shares.
