​Tata Capital, the financial services arm of the Tata Group, has confidentially filed for an initial public offering (IPO) exceeding ₹15,000 crore. This strategic move aims to comply with the Reserve Bank of India's mandate for "upper layer" non-banking financial companies to list by September 2025. ​ The IPO will comprise both primary and secondary share offerings. Tata Sons, holding a 92.8% stake as of March 2024, and the International Finance Corporation (IFC) are expected to divest portions of their holdings through an Offer for Sale (OFS). ​ In preparation for this significant public offering, Tata Capital has engaged a consortium of ten investment banks, including Kotak Mahindra Capital, Citi, JP Morgan, Axis Capital, ICICI Securities, HSBC Securities, IIFL Capital, BNP Paribas, SBI Capital, and HDFC Bank. The company has opted for the confidential pre-filing route, a method previously chosen by firms such as Tata Play, Oyo, and Swiggy. ​ Established in 2007, Tata Capital offers a diverse range of financial products, including housing and personal loans. The forthcoming IPO marks the Tata Group's first public offering since Tata Technologies' listing in November 2023. ​ This development underscores Tata Capital's commitment to expanding its market presence and adhering to regulatory requirements, reflecting the broader strategic initiatives of the Tata Group in the financial services sector.