TATA Company
Tata Play, formerly known as Tata Sky, is the first Tata Group company set out to come up with its IPO via the confidential pre-filing route. Tata Play IPO will be the first IPO of the Tata Group in 18 years after Tata Consultancy Services.
What is confidential pre-filling route?
Whenever a company wants to file an IPO, they need to submit a document called a prospectus with the SEBI. The prospectus consists of important details regarding the industry, what the company is about, details of selling shareholders, and other important details. This document is called DRHP (Draft Red Herring Prospectus).
It is called the pre-filling of the IPO, and the company can make necessary changes if they want to in the prospectus. Afterward, the final prospectus is issued by the company, which will be available just before the IPO is up for a subscription. This prospectus will have all the final details regarding the IPO issue.
In the confidential route, the company will notify regarding the pre-filling of the IPO prospectus but will not disclose the important information which they used to disclose via the normal route.
Issuing the IPO via this route will allow the company to submit the prospectus to the regulator without disclosing sensitive information regarding the issue. The company can review how the response is at this stage. by disclosing important information to certain institutional investors and getting their feedback which will enable them to understand whether the pricing or features of the issue makes sense or not to go public.
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