A Tata Capital IPO is likely in early October, people familiar with the matter told Bloomberg, after the Tata Group company asked the Reserve Bank of India for a short extension to the launch time table.
The non-banking financial services company could wrap up its IPO roadshows this week and file a second draft red-herring prospectus soon, the people said on the condition of anonymity since the process is private.
The RBI has instructed large NBFCs to list by the end of September to improve transparency in the sector and help mitigate risks, but Tata Capital asked for an extension of a few weeks to better prepare for its share sale. The central bank approved the request, the people said.
RBI and Tata Capital didn't respond to Bloomberg's resquest for a comment.
Tata Capital is looking to raise as much as ₹17,000 crore at a valuation of about $18 billion in the IPO, which would make it the biggest in India since Hyundai Motor India Ltd.’s record $3.3 billion offering last year.