Tata Capital seeks $11 billion valuation for upcoming India IPO: Report

​Tata Group is eyeing a valuation of around $11 billion for its financial and investment services arm, Tata Capital, potentially making it India's largest initial public offering this year, Bloomberg reported, citing people familiar with the development.

The report said that Tata Capital's IPO could raise to $2 billion. However, details could change as considerations are ongoing. Last week, Tata Capital's Board of Directors approved the initial share sale plans. The company said in an exchange filing to the NSE and BSE listing departments that the proposed IPO will consist of a fresh issue of 23 crore shares and an offer-for-sale (OFS) component.