Tata AutoComp Systems is seeking to raise around $169.3 million in an initial public offering (IPO), The Wall Street Journal reports. The Tata Group company, which will launch its offering in July, intends to use the proceeds to expand its operations and cut debt. Following the initial share sale, the Tata group will hold a 60% stake in the company.
After the IPO, Tata AutoComp’s shares will also be sold in the open market by Tata group companies, including Tata Motors, Tata Sons, Tata Industries and Tata Capital, to help the group raise $79 million. JM Financial Consultants, Tata Capital Markets and JP Morgan India are advising the automobile-parts maker on the sale.
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