Tata Capital files draft papers for $2 billion IPO through confidential pre-filing route

Tata Capital files for $2 billion IPO, expected to be valued at $11 billion, following RBI listing requirements.

Tata Group financial services firm Tata Capital has filed draft papers with markets regulator Sebi for a $2 billion initial public offering (IPO) through a confidential pre-filing route.

At this size, the company is expected to be valued around USD 11 billion, according to sources.

In a stock exchange filing, Tata Capital said, "The company has filed the Pre-filed Draft Red Herring Prospectus dated April 4, 2025, under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, with Sebi, BSE, and NSE in connection with its Initial Public Offering of equity shares of face value of Rs 10 each."

The IPO will consist of a fresh issue of equity shares, along with an offer for sale (OFS) by certain shareholders.

According to a disclosure made to stock exchanges last month, the proposed IPO will include 2.3 crore equity shares through a fresh issue and OFS by existing shareholders.

Last month, sources told PTI that Tata Capital's IPO size could be $2 billion (over ₹17,000 crore), valuing the company at around $11 billion.

Tata Capital, identified by the Reserve Bank of India (RBI) as an upper-layer non-banking finance company (NBFC), has already secured board's approval to proceed with the initial share sale.