The development reflects continued momentum in India’s capital markets and signals further expansion within the financial services sector.
According to recent disclosures, Tata Capital has submitted a pre-filed draft red herring prospectus with the Securities and Exchange Board of India (SEBI). The confidential filing is a necessary step in securing regulatory approval for the proposed listing. While specific details are yet to be confirmed, reports indicate the IPO could raise to USD 2 billion.
Tata Capital operates a broad financial services network, serving retail, SME, and corporate clients through over 900 branches across India. The company offers a diversified portfolio that includes personal loans, home loans, business finance, microfinance, private equity, and credit card services.
Tata Capital is a wholly owned subsidiary of Tata Sons, the holding company of Tata Group – one of India’s largest and oldest industrial conglomerates. The group has a presence in diverse sectors, including software, automotive, steel, retail, aviation, and hospitality.
Tata Sons is majority-owned by Tata Trusts, a charitable foundation that plays a central role in the governance of the Tata Group. The Trust is also known for its philanthropic contributions in areas such as education, healthcare, the arts, and rural development. Other shareholders include the family of billionaire Shapoor Mistry, underscoring the group’s strong ties to India’s business elite.
In 2024, India's IPO market experienced a significant resurgence, with companies raising a record USD 20.7 million through over 317 IPOs, surpassing the previous high of USD 14.9 million in 2021. This surge was driven by high-profile listings across sectors such as fintech, digital services, and manufacturing. The fintech sector saw remarkable activity; MobiKwik's IPO was oversubscribed by 120 times, reflecting strong investor confidence in the digital payments industry. Additionally, the Securities and Exchange Board of India's (SEBI) introduction of the pre-filing route in 2022 simplified the IPO process and improved confidentiality, encouraging more companies, including Tata Capital, to utilise this mechanism for their public offerings.
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