Tata Autocomp files for IPO to raise up to $167.4 mn

MUMBAI: Indian auto parts maker Tata Autocomp Systems Ltd has filed for an initial public offering of shares including a fresh issue to raise up to 7.5 billion rupees ($167.4 million), it said on Friday. Shareholders including Tata Motors , Tata Sons, Tata Industries and Tata Capital Ltd will together sell up to 35.63 million shares in the company, according to its draft red herring prospectus. The firm, part of the diversified Tata conglomerate, has appointed JM Financial Consultants Pvt Ltd, Tata Capital Markets Ltd and JP Morgan India Pvt Ltd as managers to the sale. The issue will constitute at least 25 percent of the fully diluted post issue paid up capital of the company.