All you need to know about

TATA TECHNOLOGIES LIMITED

Issue Details
Issue Amount : `2,890 – `3,043 Cr
Post Issue Implied Market Cap : `19,269 – `20,283 Cr
Face Value : 2 per share
Price Band : `475 to `500
Lot Size : 30 shares
Registrar : Link Intime India Pvt Ltd.
Source : BRLM

Offer Breakup

Issue size - Issue size (Rs in Cr)

Category Allocation
No. of Shares Lower band Upper band

QIB 50% 26,368,453 1,252.50 1,318.42

NIB 15% 7,910,537 375.75 395.53

Retail 35% 18,457,919 876.75 922.90

Employee - 2,028,342 96.35 101.42

Share Holder - 6,085,027 289.04 304.25

Total 100% 60,850,278 2,890.39 3,042.51

Source : BRLM
.
 IPO timeline `
Issue opens on: `

22
Wednesday, Nov 22, 2023

Issue closes on: NOV

Friday, Nov 24, 2023

30 Finalization of 01 Refunds/Unblocking
Nov 2023 basis of allotment Dec 2023 ASBA fund

04 Credit of equity 05 Trading

Dec 2023 shares to DP account Dec 2023 commences

Source - BRLM. Dates are tentative

The objective of the offer

The objects of the offer are to achieve the benefits of
listing the equity shares on the stock exchanges;
and carry out the offer for sale of up to 60,850,278
equity shares by the selling shareholders. Further, the
company expects that the proposed listing of its equity
shares will enhance its visibility and brand image
as well as provide a public market for the equity
shares in India.

`
Source - RHP
About the company
Tata Technologies Limited is a leading global engineering services company offering product
development and digital solutions, including turnkey solutions, to global original equipment
manufacturers (OEMs) and their tier 1 suppliers. It endeavors to create value for its clients by
helping them develop products that are safer, cleaner and improve the quality of life for their
end-customers. It has deep domain expertise in the automotive industry and leverages this
expertise to serve its clients in adjacent industries, such as in aerospace and transportation
and construction heavy machinery (TCHM). As a global organization, it brings together
diverse teams from different parts of the world with multiple skill sets to collaborate in real
time and solve complex engineering problems for its clients.

In a world that is becoming increasingly complex, with shortening product innovation

timelines and rapid technological change, it believes that the globally distributed
onshore-offshore service delivery capability helps to suitably address its clients’
requirements. It leverages its deep manufacturing domain knowledge to deliver value-added
services to its clients in support of their digital transformation initiatives including product
development, manufacturing and customer experience management.

It is a pure-play manufacturing focused ER&D company, primarily focused on the automotive

industry and it is currently engaged with seven out of the top 10 automotive ER&D spenders
and five out of the 10 prominent new energy ER&D spenders in 2022 (Source: Zinnov Report).
Its automotive revenue attributable to the services segment for Fiscal 2023 and the
sixmonths period ended September 30, 2023 was ₹31,314.66 million and ₹17,457.56 million,
respectively, comprising 88.68% and 87.89% of its revenue attributable to the Services
segment for the respective periods. Additionally, the revenue attributable to the Services
segment from verticals other than automotive for Fiscal 2023 and the six-months period
ended September 30, 2023 was ₹3,996.89 million and ₹2,406.34 million, respectively,
comprising 11.32% and 12.11% of the revenue attributable to the Services segment for the
respective periods.

Source : RHP
 Strengths

Deep expertise in the Strong digital capabilities Marquee set of clients

automotive industry. bolstered by proprietary across anchor accounts,
accelerators. traditional OEMs and new
energy vehicle companies.

Global delivery model Well-recognized brand with

enabling intimate client experienced Promoter,
engagement and scalability. board of directors and
management team.

Source : RHP

Risks

No proceeds being received Material portion of its Revenues highly dependent

by the company from the revenues being derived from on clients concentrated in
Offer for Sale. top 5 clients. automotive segment.

Certain corporate records of Certain preferential

the Company are not allotments made by its
traceable. company were in
non-compliance with the
Companies Act, 1956.

Source : RHP
 Important Financials Data
For the year/period ended (` in Crore)

Particulars As at As at As at As at As at
(`, in crore) Sept. 30, Sept. 30, March 31, March 31, March 31,
2023 2022 2023 2022 2021

Share Capital 81.13 40.57 81.13 41.81 41.81

Revenue from
Operations 2,526.70 1,887.91 4,414.18 3,529.58 2,380.91

Revenue Growth
(%) 33.84 NA 25.06 48.24 NA

EBITDA 464.75 372.52 820.93 645.66 385.71

Net Profit for the

period
351.90 259.06 624.04 436.99 239.17

EPS – Basic (₹) 8.67 6.39 15.38 10.77 5.89

FYXX

Net Asset Value 70.27 61.18 73.65 56.19 52.79

(₹) as stated

Source : RHP/BRLM.
 Peer Comparison
Following is the comparison with its peer group companies listed in India and in the same line of business as the company:

Name of
Name of Face value Revenue EPSP/E EPS NAV EV/ P/E P/E RoNW
Company Ratio
Company (₹ per share) from operations (Basic) (Diluted) (₹ perEBITDA (%)
for Financial (₹) (₹) share)
Year 2023
(₹ million)

Tata Technologies
2 44,141.77 15.38 15.37 73.65 NA 20.87
Limited

Listed Peers

KPIT Technologies
Limited 10 33,650.38 14.10 13.95 61.58 80.31 22.91

L&T Technology
Services Limited 2 80,136.00 110.80 110.48 470.66 37.47 23.54

Tata Elxsi Limited 10 31,447.23 121.26 121.26 334.92 61.55 36.21

# NAV per Equity Share for our Company is calculated on diluted basis. 1) All the financial information for listed industry peer
mentioned above is on a consolidated basis 2) Diluted EPS for peers sourced from the annual report for the Financial Year 2023,
whereas for our Company it is based on the Restated Consolidated Financial Information of Company. 3) P/E Ratio has been computed
based on the closing market price of equity shares on NSE on October 26, 2023, divided by the Diluted EPS provided under Note 2
above. 4) RoNW is computed as profit for the year/period attributable to owners of our Company divided by the Net Worth at the end of
the respective year/period attributable to the owners of our Company. 5) NAV per Equity Share (in ₹) = net worth at the end of the
period/year / Weighted number of equity shares outstanding at the end of the period/year. 6) Net Worth means aggregate of equity
share capital and other equity.
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 Invest in Upcoming IPOs & be a part of
a company's initial growth story:
In 2021, the country’s stock exchanges (both NSE and BSE combined)
witnessed around 65 IPOs excluding REIT’s and FPO’s and raised
proceeds close to Rs 1.2 lakh crores in total. IPOs of Latent view
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Last 10 IPO Performances

IPO IPO Name Issue Size Retail Total Issue Price List Price Listing CMP as of Curr Gains (%)
closing (`in crs) Subscription Subscription (in `) (in `) Gains(%) 15-11-23 as of 15-11-23
Date

08-Nov-23 Protean eGov Technologies Limited 490 8.91 23.85 792 792 0.0 1059.6 33.8

07-Nov-23 ESAF Small Finance Bank Limited 463 17.83 76.99 60 71 18.3 69.43 15.7

02-Nov-23 Honasa Consumer Limited 1,701 1.34 7.61 324 330 1.9 314.95 -2.8

01-Nov-23 Cello World Limited 1,900 3.21 41.69 648 829 27.9 787.6 21.5

27-Oct-23 Blue Jet Healthcare limited 840 2.22 7.94 346 380 9.8 392.65 13.5

20-Oct-23 IRM Energy Limited 544 9.29 27.05 505 477.25 -5.5 446.7 -11.5

05-Oct-23 Plaza Wires Limited 71 374.18 160.88 54 76 40.7 115.9 114.6

03-Oct-23 Valiant Laboratories Limited 152 16.04 29.75 140 161 15.0 190.95 36.4

27-Sept-23 JSW Infrastructure Limited 2,800 10.86 39.36 119 143 20.2 197.9 66.3

27-Sept-23 Updater Services Limited 640 1.45 2.96 300 285 -5.0 281.2 -6.3

For more details refer offer documents on sebi www.sebi.gov.in

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
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