Tata Capital, the financial powerhouse of the Tata Group, is inching closer to launching one of India’s largest IPOs in 2024 — a whopping $2 billion (₹17,200 crore) public issue. According to insiders, the IPO proposal has now landed on the desk of the SEBI Chairperson for final approval, a critical milestone usually reserved for offerings of this magnitude.

This green signal couldn’t be more timely. The Reserve Bank of India (RBI) has mandated all ‘upper layer’ NBFCs — a category into which Tata Capital falls — to list on Indian stock exchanges by September 2025. By securing approval and launching its IPO before the deadline, Tata Capital is not just complying with regulatory requirements but also capitalizing on strong market sentiment.

In April, the company filed its draft IPO papers confidentially, meaning the finer details of the offer — such as pricing, lot size, and allocation — remain under wraps. However, market watchers believe the listing could be a game-changer for the Indian financial sector and the Tata Group as a whole.

If listed, Tata Capital will become the 17th Tata Group company to hit the public markets, reinforcing the conglomerate’s dominant presence across sectors. Ahead of the IPO, Tata Capital raised ₹1,500 crore via a rights issue in February. The issue was fully subscribed by Tata Sons, which holds a 93% stake, along with participation from minority stakeholders such as the International Finance Corporation (IFC).

As anticipation builds, all eyes are now on SEBI’s final decision — one that could unlock yet another historic chapter for both Tata Capital and India’s capital markets.