Tata Capital Ltd., a subsidiary of the Tata Group, has submitted a “Pre-filed Draft Red Herring Prospectus” to India’s capital markets regulator.

The potential IPO could raise up to US$2 billion, making it one of the largest in India for 2025.

The pre-filing process allows companies to submit documents confidentially, protecting sensitive information until public filing.

Despite recent equity market volatility, India’s IPO market remains resilient. LG Electronics India and ICICI Prudential Asset Management are also considering listings this year.