Tata Capital is preparing to list on India’s National Stock Exchange in what could be the country’s biggest IPO this year.
The financial services arms of Tata Group—among India’s biggest conglomerates with interests from airlines to software—plans to raise up to $2 billion from the IPO, Bloomberg reported last month, citing unnamed sources.
As part of the process, Tata Capital has submitted a pre-filed draft red herring prospectus—a confidential document required to seek approval from India’s capital market regulator—according to a stock exchange filing on Friday.
Tata Capital serves individuals, businesses, and corporations through over 900 branches across India, offering services such as personal and home loans, business finance, microfinance, private equity, and credit cards.
The company is part of Tata Group, India’s oldest conglomerate that the late Ratan Tata (who passed away in October) transformed into an industrial powerhouse. Under his two-decade leadership, he made global acquisitions including that of British steelmaker Corus Group in 2007 and luxury carmaker Jaguar Land Rover the following year.
Tata Trusts holds a majority stake in Tata Group, which also counts the family of billionaire Shapoor Mistry among its shareholders. The trust supports arts, culture, education, healthcare and rural development.
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