This could be the first public float from the Tata Group since the ₹5,500-crore IPO of India’s largest software services exporter,
, in 2004.
According to the reports, the automotive company has appointed Citigroup to explore options for the public issue.
Tata Technologies and Citigroup declined to comment, while
did not respond to ET’s queries.
While Tata Motors holds a 72.48% stake in Tata Technologies as of March 31, Alpha TC Holdings and Tata Capital Growth Fund own 8.96% and 4.48%, respectively.
Its other investors include Tata Motors Finance, Tata Enterprises Overseas, Zedra Corporate Services, and Patrick Raymon McGoldrick.
For the fiscal year ended March 31, the company reported a 48% jump in revenues to ₹3,530 crore, while profits surged 83% to ₹437 crore.
Tata Technologies employs 9,300 people across the world, serving clients from facilities in North America, Europe, and the Asia Pacific region.
The company has 18 global delivery centres and four business segments: engineering, research, and development (ER&D) services, digital enterprise solutions (DES), education offerings, and value-added reselling and iProducts offerings.
Tata Sky, another Tata Group company, is also planning to launch its IPO to provide an exit to investors, including Disney. The satellite television business has yet to file its draft red herring prospectus with the capital markets regulator, the Securities and Exchange Board of India.