Tata Capital Ltd has secured regulatory approval from the Securities and Exchange Board of India (Sebi) to move forward with its proposed initial public offering, which could raise approximately US$2 billion. This development positions the offering as potentially the largest listing on Indian exchanges in 2025, according to individuals familiar with the matter.
The non-banking financial services subsidiary of the Tata Group is expected to launch the share sale as early as August, pending completion of preparatory activities. Sebi has formally communicated its approval to both the company and its appointed bankers, the sources confirmed.
This regulatory clearance enables Tata Capital to incorporate Sebi’s feedback into its draft prospectus and begin engagement with potential investors.
The proposed listing arrives at a time when India’s primary capital markets are showing renewed momentum. HDB Financial Services Ltd is also preparing to open a billion-dollar-plus offering, signalling increasing appetite for high-profile IPOs in the country.
Tata Group is reported to be seeking a valuation of up to US$11 billion for Tata Capital, underscoring the strategic significance of the listing within the broader group portfolio.
Representatives from Tata Capital and Sebi were not immediately available for comment.
-Bloomberg
