If you do not want to miss a big earning opportunity, then save money in your pocket, because soon not one but two IPOs of the country’s biggest group Tata are going to come. After 18 years, Tata Group companies are coming for listing in the stock market. SEBI has given green signal to the proposed IPO of Tata Play. The Tata Group firm is the first company in India to file confidential documents with the market regulator for its IPO. SEBI had issued an observation letter on April 26 on the documents filed by the company. Let us tell you that Tata Play can become the first company of the group to bring IPO in almost two decades.
IPO of Tata Technologies will also come
The Business Standard report quoted sources as saying that Tata Play, a joint venture between Tata Sons and The Walt Disney Company, is looking to garner around Rs 3,000 crore from the IPO. On the other hand, Tata Technologies is also bringing its IPO. The company had filed its DRHP in March. The company is waiting for its approval from SEBI. Tata Group will try to collect 4,000 crores through this IPO.
what is the rule
After the observation letter is issued, Tata Play will now have to file an updated draft red herring prospectus (UDRHP-1) before launching the IPO. The updated DRHP will have to incorporate the observations issued by SEBI and will be made available to the public. Under the so-called confidential filing or pre-filing route, an unlisted company is allowed to keep its offer document private until it completes its IPO plan. As per the rules, the company has to file an updated DRHP within 16 months of regulatory approval, which is valid for 18 months. The direct-to-home platform confidentially pre-filed its DRHP with SEBI on November 29, a month after launching the confidential route.