(Reuters) -Tata Capital is aiming for a valuation of about $15 billion for its $1.75 billion initial public offering, according to Reuters’ calculations, making it India’s biggest listing so far this year.
The non-bank lender has set a price band of 310-326 rupees per share, a newspaper advertisement showed on Monday.The Mumbai-based firm, which filed for the IPO through the confidential route earlier this year, will open the offer for bids on October 6. The company plans to issue up to 210 million new shares, while existing shareholders will offload up to 265.8 million shares.
A confidential IPO filing allows companies to make limited initial disclosures to the public. The details are made public once the company decides to launch its IPO. Tata Sons, which owns an 88.6% stake, will sell up to 230 million shares in Tata Capital, while early investor International Finance Corporation has proposed to sell up to 35.8 million shares, according to the prospectus.
Tata Capital, the financial services unit of Tata Group, was mandated to list by September, according to central bank norms for so-called “upper layer” non-banking financial companies.
It will be the first Tata Group company to go for an IPO since Tata Technologies in November 2023.
($1 = 88.6480 Indian rupees)
(Reporting by Yagnoseni Das and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)
