That would exceed the US$1.5 billion ($2.01 billion) that LG Electronics Inc’s Indian unit has been said to be seeking for going public, possibly making Tata Capital the country’s biggest such deal this year. India’s IPO market has defied the recent slump in Indian stocks, with companies continuing to list their shares at a pace echoing last year’s record proceeds.
Tata Capital Ltd said it’s planning to go public in what may be one of India’s largest initial public offerings of the year.
The financial unit of the Tata Group plans to sell 230 million new shares in the IPO, and tack on a rights offering for existing shareholders, the company said in an exchange filing Tuesday. Though it didn’t specify the value of the total offering, MoneyControl has reported that Tata Capital was planning to raise at least INR150 billion ($2.31 billion) via an IPO.
