Tata Capital pre-files for potential biggest Indian IPO in 2025 to raise as much as Rs 17,000 crore

Tata Capital Ltd. submitted a “Pre-filed Draft Red Herring Prospectus” with India’s capital markets regulator to seek approval for a potential initial public offering, according to an exchange filing.

The company, which is part of the Tata Group conglomerate, is going ahead with its IPO plan that could raise as much as $2 billion (Rs 17,106 crore), potentially making it the biggest debut listing in the country this year, people familiar with the matter told Bloomberg in March.

A Pre-filed Draft Red Herring Prospectus, also known as a confidential filing, allows issuers to submit the necessary documents to the regulator in a private manner to safeguard sensitive public information.

India’s IPO market shows appetite for new offerings remain robust despite a recent equity market slump. LG Electronics India and Prudential Plc’s asset management joint venture are among companies that have been reported to plan to list in 2025.

ICICI Prudential Asset Management is jointly owned by India’s second largest-private sector lender ICICI Bank Ltd. and UK-based insurer Prudential.

Carlyle Group Inc.’s Hexaware Technologies Ltd. was India’s first billion-dollar IPO of the year.