In a major move Tata Group Indias largest conglomerate filed draft papers with SEBI for a $2 billion initial public offering (IPO) of Tata Capital the groups financial services arm through a confidential pre-filing route. The company has filed the Pre-filed draft red herring prospectus (DRHP) dated April 4 2025 under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 with Sebi BSE and NSE in connection with its Initial Public Offering of equity shares of face value of Rs 10 each Tata Capital said in a stock exchange filing on Saturday. Tata Capital expects $11 billion valuation Citing sources a PTI report said Tata Group expects the company to be valued at around $11 billion adding that IPO size could be $2 billion (over Rs 17000 crore). As per a disclosure filed last month Tata Capitals proposed IPO will include 2.3 crore equity shares through a fresh issue and OFS by existing shareholders the report said. Tata Capital identified by the Reserve Bank of India (RBI) as an upper-layer non-banking finance company (NBFC) has already secured boards approval to proceed with the initial share sale the report said adding that the move is part of the companys efforts to comply with the central banks listing requirements. Largest IPO in financial sector If successful this IPO will be the largest initial share sales in the countrys financial sector and will also mark the Tata Groups second public market debut in recent years following the listing of Tata Technologies in November 2023. Tata Sons the holding company of Tata Capital owns a 92.83 per cent stake in the company. Notably Tata Capitals decision to opt for the confidential pre-filing route is part of a growing trend among Indian companies as it allows firms to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages. Last month edtech unicorn PhysicsWallah also opted for the confidential filing route while in 2024 food delivery giant Swiggy and supermart major Vishal Mega Mart floated their IPOs after making confidential filings. Noel Tatas big move The major move by Tata Trusts Chairman Noel Tata to launch IPO of Tata Capital comes months after the death of Ratan Tata the former Chairman Emeritus of the Tata Group who passed away at the age of 86 in November last year.