Tata Technologies IPO – Schedule *(TENTATIVE)*
06th July – Announcement of Price Band
10th July – Anchor Investors Allotment
11th July – Offer Opens
14th July – Offer Closes
19th July – Finalisation of Basis of Allotment
20th July – Unblocking of funds from ASBA Account
21st July – Credit of Equity Shares to Demat accounts
24th July – Commencement of Trading
Tata Technologies IPO – Issue Information *(TENTATIVE)*
Issue Opens on: 11th July 2023
Issue Closes on: 14th July 2023
Issue Type: Book Built Issue IPO
Issue Size: 9,57,08,984 Shares
Face Value: Rs.2/- per Share
Issue Price: Rs.760 – Rs.800 Share *(TENTATIVE)*
Discount: NIL
Market Lot: 18 Shares
Listing At: NSE, BSE
Equity Shares outstanding prior to the Issue = 40,56,68,530 Shares
Fresh Issue of NIL Shares @800/- = Rs.NIL Crs
Offer for Sale of 9,57,08,984 Shares @800/- = Rs.7,656.72Crs
Equity Shares outstanding after the Issue = 40,56,68,530 Shares
Category-wise Break up:
Anchor – 2,87,12,695 Shares = 2,297.02Crs
QIB – 1,91,41,797 Shares = 1,531.34Crs
B-NII (>10L) – 95,70,898 Shares = 765.67Crs (Lot size: 252 = 37,980 Forms)
S-NII (2L-10L) – 47,85,449 Shares = 382.84Crs (Lot size: 252 = 18,990 Forms)
RII (<2L) – 3,34,98,145 Shares = 2,679.85Crs (Lot size: 18 = 18,61,008 Forms)
Total Issue – 9,57,08,984 Shares = 7,656.72Crs.
Tata Technologies IPO – Financial Information (Basis of Valuation)
The information is collated from the following documents:
1) DRHP = Red Herring Prospectus Dated March 09,2023 (480 pages)
EPS for FY19-20 >>> Rs.6.20 (Page #110 of DRHP)
EPS for FY20-21 >>> Rs.5.89 (Page #110 of DRHP)
EPS for FY21-22 >>> Rs.10.77 (Page #110 of DRHP)
EPS for 9M21-22 >>> Rs.8.17 (Page #110 of DRHP)
*EPS for 9M22-23 >>> Rs.10.04 (Page #110 of DRHP)*
RoNW for FY19-20 >>> 13.58% (Page #111 of DRHP)
RoNW for FY20-21 >>> 11.17% (Page #111 of DRHP)
RoNW for FY21-22 >>> 19.16% (Page #111 of DRHP)
RoNW for 9M21-22 >>> 13.37% (Page #111 of DRHP)
*RoNW for 9M22-23 >>> 14.80% (Page #111 of DRHP)*
NAV as on 31st December 2022, was Rs.677.08 (Page #111 of DRHP)
Listed Industry Peer Group (Page #112 of DRHP): KPIT Technologies, L&T Technology Services, Tata Elxsi
Tata Technologies IPO – *Required for 1X Subscription*:
Anchor = 2,297.02Crs
QIB = 1,531.34Crs
B-NII (>10L) Application = 37,980 Forms (for lotsize of 252)
S-NII (2L-10L) Application = 18,990 Forms (for lotsize of 252)
RII (<2L) Application = 18,61,008 Forms (for lotsize of 18)
Tata Technologies IPO – *Market’s Current Estimates of OverSubscription*:
QIB = 85K Crs. = ~55.51X
B-NII (>10L) = 65K Forms = 1.71X Applic. wise (Avg allotment ~147.24 shares)
S-NII (2L-10L) = 125K Forms = 6.58X Applic. wise (Avg allotment ~42.54 shares)
RII (<2L) Application = 30L Forms = 1.61X Applic. wise (Avg allotment ~11.17 shares)
Interest cost *@10.00%p.a.* for 7days = *153.42paise for 1X*
Thus,
for QIB the costing = 62.69 X 153.42paise = Rs.85.16 per share (= GMP)
for B-NII (>10L) the costing = 147.24 X 85.16 = Rs.12,540/- per form
for S-NII (2L-10L) the costing = 42.54 X 85.16 = Rs.3,623/- per form
And, for RII (<2L) the costing = 11.17 X 85.16 = Rs.951/- (= Kostak)
Tata Technologies IPO – *GMP Estimated* (as on 03/July)
GMP = 85 +/- 1
KOSTAK:
for B-NII (>10L) = 12,500/-
for S-NII (2L-10L) = 3,600/-
for RII (<2L) = 950/-
SUBJECT TO ALLOTMENT:
for NII (>2L) (for lotsize of 280) = 19,000/-
for RII (<2L) (for lotsize of 20) = 1,225/-
Tata Technologies IPO – *Expected Delivery Volume on Listing Day*
Pre-opening = 145L shares (NSE + BSE)
EOD = 570L shares (NSE + BSE)
Tata Technologies IPO – Expected Listing
@950 +/- 25