Upcoming IPO: This Tata Group company may go public in next 12-18 months; check details

The wait for another Tata IPO may not be that long as the group’s engineering, procurement and construction (EPC) company, Tata Projects, indicated that it may be ready for listing in 12-18 months.

Tata Projects managing director and chief executive officer (MD&CEO) Vinayak Pai told the financial daily Economic Times that the company may opt for “a listing in 12-18 months, by when it hopes to consistently generate cash”.

“The aim is to become ‘fit’ in this period (12-18 months)...it is about cash and if we are able to generate 4-5% cash on our revenue, that’s actually the highest metric of fitness,” Pai was quoted as saying in the report.

However, he clarified that this was not a “hard target” and the company was focussing more on “getting fit” financially.

Tata Sons is the majority shareholder in Tata Projects, holding 57.31% as on March 31, 2024. Other shareholders in the company include Tata Power (30.81%), Tata Chemicals (6.16%), Voltas (4.3%) and Tata Industries (1.42%).

Earlier this month, Pai announced that Tata Projects expects its order intake to double to over ₹20,000 crore in the current financial year 2024-25. It expects revenue to grow in the low-mid double-digit range and net profit to rise in high double-digits, he had said. Its current order book outstanding is at over ₹40,000 crore.

For the financial year ended March 2024, the company reported consolidated gross income of ₹17,761 crore and net profit of ₹82 crore after posting losses for two consecutive years. One of the company’s key ongoing projects, the Noida International Airport at Jewar in Uttar Pradesh, will be completed next year.