In a newspaper advertisement last Monday, Tata Capital said that it has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to float its maiden public issue. The filing was made through the confidential route in which no details of the proposed issue are disclosed to the public. Reports in newspapers suggested the public offer of shares could be worth ₹15,000– ₹18,000 crore, making it one of the largest in the financial services industry and only the third IPO of any Tata company in the last 25 years. The two others are Tata Consultancy Services in 2003 and Tata Technologies in 2023. Right away, the timing to list appears to be in response to a central bank stipulation in September 2022 that needed companies like Tata Capital to list on stock exchanges. Based on the scale of operations, the central bank had classified non-bank finance companies on different levels and made listing of the large and systemically important ones mandatory within three years or September 2025. Tata Capital was classified as an upper-layer finance company, requiring it to be listed within that time frame. For equity investors and the stock market, the Tata move may appear to have come a little late in the day. Banking and financial services companies account for a fifth of Nifty 50 companies and 26% of its market capitalization. Seven out of the top 20 most valued companies in the Nifty are either banks or financial services companies. Tata contemporaries—other large business houses like the Aditya Birla group, Reliance, Mahindra’s or the south-based Murugappa group—have all taken the lead and listed their finance companies and benefited from the valuation growth in the sector in recent years. The late move is also marked with a bit of irony. Historically, the Tata group was one of the earliest to have had an interest in banking and financial services—the nationalized Central Bank of India had its roots in Tata Bank while New Indian Assurance, started in 1919, was owned by the group. Subsequently, when foreign capital was allowed in the domestic insurance business, Tata invested in two insurance joint ventures in the ’90s and operated two non-banking finance businesses including a listed entity until 2003. Says Ajay Garg, managing director of investment banking firm Equirus Capital: “The addition of Tatas to the roster of financial sector firms in the country is a big event. You can expect them to set benchmarks in corporate governance in the industry but it remains to be seen if they can innovate enough to stand out in the hyper-competitive industsry.” The Tata group did not respond to clarifications sought by Mint.Always in focusTo be sure, finance was always a key area of business and investment for the group though Tata Capital flew under the radar for two reasons—the company did not grow as fast as its competitors and being unlisted, there weren’t many disclosures in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. 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