Reuters | | Posted by Singh Rahul Sunilkumar
India’s Tata Technologies on Thursday set a price band of 475 rupees to 500 rupees per share for its initial public offering (IPO), according to a newspaper advertisement.
The IPO, which is a first from the Tata Group in nearly two decades, will have an offer for sale of up to 60.9 million shares from existing shareholders, including Tata Motors.
The offering will open for bids for anchor investors on Nov. 21, while retail investors can make offers between Nov. 22 to Nov. 24.
Reuters last week reported that Tata Technologies is in talks with Morgan Stanley Investment Management, Blackrock and some U.S. hedge funds to invest in its IPO at a valuation of $2.5 billion.