Overview

• Tata Capital is pursuing an $18–20 billion market valuation for its upcoming IPO, a significant jump from its earlier $11 billion target.
• The NBFC aims to raise about $2.2 billion through a fresh share sale expected to open in the first half of September, pending final SEBI approval and public feedback.
• Following SEBI’s June approval of its confidential April draft, the company could submit an updated Draft Red Herring Prospectus as soon as this week.
• The listing drive responds to Reserve Bank of India rules that require upper-layer nonbank lenders to complete public offerings by the end of September.
• Strong investor appetite for recent NBFC listings—highlighted by HDB Financial Services’ $1.5 billion debut—has buoyed Tata Capital’s decision and broader market forecasts of over $30 billion in Indian IPOs next year.