Work starts on $2-billion Tata Capital IPO

The Tata Group has begun preparations for a $2 billion initial public offering (IPO) of Tata Capital, initiating discussions with several bankers, according to multiple sources familiar with the matter. The conglomerate recently approved Kotak Investment Banking officials to start the process following a meeting. They plan to appoint additional bankers by January.

According to Reserve Bank of India (RBI) regulations, Tata Sons and Tata Capital, classified as upper-layer non-banking financial companies (NBFCs), are required to list their shares by September 2025. Tata Sons holds a 93% stake in Tata Capital.

Emails sent to Tata Group, Tata Capital, and Kotak Investment Bank did not receive any responses. This will mark the Tata Group's second IPO in two decades, following the successful listing of Tata Technologies in November last year.​