Tata Capital, the financial services subsidiary of the Tata group, has filed updated draft papers with the market regulator for its planned initial public offering. The IPO is expected to raise approximately $2 billion and could value the company between $11 billion and $20 billion, according to industry estimates.
The proposed offering will consist of a fresh issue of up to 210 million shares and an offer for sale of up to 265.8 million shares. Tata Sons, the parent company of Tata Capital, intends to offload 230 million shares, while the International Finance Corporation will sell 35.8 million shares from its existing stake.
The capital raised from the fresh issue will be used to strengthen Tata Capital’s capital base and support its future lending activities.
This IPO is expected to be one of the largest upcoming listings in India’s financial services sector. It is also part of Tata Capital’s move to meet regulatory requirements that mandate the public listing of large non-bank financial companies.
Several prominent financial institutions have been appointed as book-running lead managers for the offering. These include Kotak Mahindra Capital, BNP Paribas, and Citigroup.
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