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Tata Play IPO: The proposed IPO of Tata Group company Tata Play has been approved by the stock market regulator SEBI. Tata Play is the first company in the country that had submitted documents to SEBI to bring IPO in a confidential manner. Now Tata Play will have to file the updated draft paper with SEBI within 16 months. The new draft paper will also be available for the general public to read.
Direct to home company Tata Play has submitted documents to SEBI, BSE and NSE on November 29, 2022, to bring IPO. SEBI has implemented the rule of pre-filing draft paper (Draft Red Herring Prospectus) confidentially for IPO last year.
Under confidential filing, the company bringing the IPO is allowed to file the registration with SEBI in a private manner and file the draft paper till the date of IPO launching is near. Under this rule, companies are helped to keep the draft paper secret. SEBI and the Exchange can see the offer documents but no one else can see them. After SEBI issues its response and when the company decides to launch an IPO, the company again has to file an updated draft paper with SEBI.
Tata Play (earlier Tata Sky) can raise 2000 to 2500 crores through IPO. Many investors including Disney have to sell their stake in Tata Sky through IPO. Tata Play has finalized five investment banks which include Kotak Mahindra Capital, Bank of America, Citi, Morgan Stanley and IIFL.
After 2004, the IPO of any company has not come from the Tata group. About 18 years ago in 2004, the IPO of the country’s largest IT company Tata Consultancy Services (TCS) came. However, Tata Technologies, the second arm of the Tata group, has also filed a draft paper with SEBI to bring an IPO, which is awaiting approval from the regulator.
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