Tech Mahindra IPO

Tech Mahindra IPO was launched to fund the expansion and opening of new facilities of the telecommunication company, Tech Mahindra in India. The 12.75 crores shares issued through the IPO raised Rs 465 crores for the company. The issue price of Tech Mahindra IPO was fixed between Rs 315 and Rs 365 per share.

The Tech Mahindra IPO was launched to fund the establishment of its facilities in Hyderabad, Kolkata and Chandigarh. Further, a part of the proceeds was also used for the expansion of its facility in Pune. Furthermore, the launch of the IPO of the Tech Mahindra also enhanced the brand name of the company along with providing liquidity to its shareholders.

Details of Tech Mahindra IPO are as follows -

The Tech Mahindra IPO was launched in August 2006. The issue was opened on 1st August 2006 and closed on 4th August 2006. The price band for the Tech Mahindra IPO was fixed between Rs 315 and Rs 365. The Tech Mahindra IPO offered 12.75 crores shares and raised Rs 465 crores through the issue. The offer of Tech Mahindra IPO was made through 100% book building process. 60% of the Tech Mahindra IPO was allotted for the Qualified Institutional Buyers, 5% was allotted for mutual funds and rest for retail investors. The company Tech Mahindra is a joint venture between Mahindra & Mahindra and the British Telecom Group. The Indian part owns 67% of shares and the British part owns 33% shares in the joint venture. The Kotak Mahindra Capital Company and ABN AMRO Securities were the book running lead managers to the Tech Mahindra IPO.