Tata Capital plans to raise up to 155 billion rupees (US$1.7 billion) in its initial public offering, which would be India’s largest listing this year.

The financial-services firm and shareholders Tata Sons and International Finance Corporation are offering up to 475.8 million shares at 310 (US$3.49) to 326 rupees (US$3.67) each.

At the top of the range, the IPO would value Tata Capital at about US$16 billion.

Anchor investor orders open on October 3, with the public subscription running from October 6 to 8, and trading expected to begin on October 13.

Tata Capital, which operates nearly 1,500 branches in India and provides loans to individuals and businesses, said it will use the funds to boost its tier-1 capital.

The Reserve Bank of India had directed large non-bank lenders to list by September to improve sector transparency, but Tata Capital requested additional time to prepare.

The company reported a profit of 36.6 billion rupees (US$441 million) and gross loans of 2.3 trillion rupees (US$25.9 billion) for the year ended March.

🔗 Source: Bloomberg

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