The Securities and Exchange Board of India (SEBI), the market regulator, has given its approval for the initial public offerings (IPOs) of Tata Technologies Ltd, SBFC Finance Ltd, and Gandhar Oil Refinery Ltd. Tata Technologies Ltd, a subsidiary of Tata Motors, has filed draft papers with SEBI for its IPO. This offering is a complete offer for sale (OFS) and will involve up to 95.71 million shares being sold by existing promoters and shareholders.
Tata Technologies IPO Review:
Tata Motors plans to sell up to 81.13 million shares, Alpha TC Holdings Pte will sell 9.72 million shares, and Tata Capital Growth Fund I will sell up to 4.86 million shares. Currently, Tata Motors holds a 74.69 percent stake in Tata Technologies, while Alpha TC Holdings Pte and Tata Capital Growth Fund I hold stakes of 7.26 percent and 3.63 percent, respectively. The lead managers for this IPO are JM Financial Ltd, BofA Securities, and Citigroup Global Markets India Pvt Ltd.
SBFC Finance Ltd has refiled draft documents with SEBI for its IPO. The size of the IPO has been reduced from Rs 1,600 crore to Rs 1,200 crore. It will consist of a fresh issue of Rs 750 crore and an offer for sale (OFS) of Rs 450 crore. ICICI Securities Limited, Axis Capital Limited, and Kotak Mahindra Capital Company Limited are the book-running lead managers for this offering.
Gandhar Oil Refinery Ltd has also filed papers with SEBI for its IPO. The IPO will include a fresh issue of Rs 357 crore and an offer for sale (OFS) of up to 1.2 crore shares by promoters and shareholders. The funds raised from the fresh issue will be utilized to pay off debt and invest in equipment and civil work required to expand the capacity of automotive oil at the Silvassa plant. Gandhar Oil Refinery is a prominent manufacturer of white oils, with a focus on the consumer and healthcare industries. The merchant bankers for this IPO are Edelweiss Financial Services and ICICI Securities.
In summary, SEBI has approved the IPOs of Tata Technologies Ltd, SBFC Finance Ltd, and Gandhar Oil Refinery Ltd. Each IPO has its own unique offering and purposes for utilizing the funds raised.