At the upper end of the range, Tata Capital would be valued at around US$16 billion, according to terms of the deal seen by Bloomberg News.
Tata Capital’s initial public offering is seeking to raise as much as 155 billion rupees (US$1.7 billion), in what is set to be India’s largest listing so far this year.
The financial-services company and shareholders Tata Sons Pvt. and the International Finance Corporation are offering as many as 475.8 million shares at a price band of 310 rupees to 326 rupees each, according to a newspaper advertisement.
