SEBI Approves 3 IPOs Of Tata Technologies, SBFC Finance, Gandhar Oil

The Securities and Exchange Board of India (SEBI), the market regulator, has given approval for Tata Technologies Ltd‘s initial public offering (IPO).

This marks the first public issue from the Tata group in nearly 20 years. In addition to this, SEBI has also approved the IPOs of SBFC Finance Ltd and Gandhar Oil Refinery Ltd.

Tata Technologies had submitted draft papers to SEBI in March, and the IPO is eagerly anticipated. The offering is a complete offer for sale (OFS) of up to 95.71 million shares by existing promoters and shareholders.

This includes up to 81.13 million shares by Tata Motors, 9.72 million shares by Alpha TC Holdings Pte, and up to 4.86 million shares by Tata Capital Growth Fund I.

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.

Leading financial institutions, JM Financial Ltd, BofA Securities, and Citigroup Global Markets India Pvt Ltd, are the lead managers for the Tata Technologies IPO.

In addition to Tata Technologies, SEBI has also approved the IPOs of SBFC Finance and Gandhar Oil Refinery. SBFC Finance reduced its IPO size to Rs 1,200 crore from Rs 1,600 crore, with a fresh issue of Rs 750 crore and an OFS of Rs 450 crore.

ICICI Securities Limited, Axis Capital Limited, and Kotak Mahindra Capital Company Limited are the book-running lead managers for SBFC Finance’s IPO.

Gandhar Oil Refinery’s IPO, filed in December 2022, comprises a fresh issue of Rs 357 crore and an OFS of up to 1.2 crore shares by promoters and shareholders.

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The funds raised from the fresh IPO issue will be used for the company’s debt repayment and capacity expansion at the Silvassa plant.

Edelweiss Financial Services and ICICI Securities are the merchant bankers for the upcoming Gandhar Oil Refinery’s IPO.