Tata Technologies Plans Over $300 Million India IPO

By P.R. Venkat

Indian conglomerate Tata Group's technology company will start testing investors' appetite for its shares in a bid to raise up to 30.43 billion Indian rupees ($366.1 million) through an initial public offering.

Tata Technologies plans to sell up to 60.85 million shares in a price range of INR475-INR500, according to a term sheet seen by The Wall Street Journal Thursday.

Tata Technologies' selling shareholders include its parent, Tata Motors, which is also part of the conglomerate.

The term sheet showed that the technology company is expected to have a market capitalization of up to INR203 billion.

According to the timetable, the company will tap anchor investors, insurance funds, pension funds and other foreign venture capital investors.

Shares are expected to start trading on the Indian bourse on Dec. 5, the term sheet showed.

Citigroup and BofA Securities are among the banks advising Tata Technologies on the IPO.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

November 15, 2023 22:19 ET (03:19 GMT)

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