Tata Capital and Boat Quietly File for IPOs Under Confidential Route

Tata Capital and Imagine Marketing, the parent company of leading consumer tech brand Boat, have submitted their draft red herring prospectuses (DRHPs) to the Securities and Exchange Board of India (SEBI) through the confidential filing route. The companies disclosed this strategic move through separate newspaper notices on Monday.

What is the Confidential Filing Route?

Introduced by SEBI in 2022, the confidential IPO filing mechanism allows companies to keep their DRHPs private until their listing plans are finalized. This approach enables issuers to refine their financials and structure without revealing sensitive business details prematurely. Only select firms such as Swiggy and Vishal Mega Mart have successfully launched IPOs after using this route.

Tata Capital IPO: Second Tata Group Listing in Two Decades

The Tata Capital IPO holds major significance as it represents only the second public offering by a Tata Group company in nearly 20 years. The first was Tata Consultancy Services in 2004, followed by Tata Technologies in 2023.

Tata Capital's IPO is reportedly valued at around $2 billion. The offering will consist of a fresh issue of up to 230 million equity shares (face value ₹10 each), along with an offer-for-sale (OFS) by existing shareholders. Additionally, the company plans to raise ₹1,504 crore through a rights issue to be entirely subscribed by its parent, Tata Sons, which holds a 93% stake.

RBI Mandate Spurs Tata Capital's Public Listing

The listing aligns with the Reserve Bank of India's directive that mandates all “upper-layer” non-banking financial companies (NBFCs) to go public by September 2025. This move ensures regulatory compliance while giving Tata Capital access to capital markets for future expansion.

Boat IPO: Second Attempt at Market Debut

Boat, owned by Imagine Marketing and backed by private equity firm Warburg Pincus, has also filed its DRHP confidentially. This is Boat’s second attempt at a stock market debut after it withdrew its earlier filing made in 2022. The estimated IPO size is projected to exceed $250 million and will feature a mix of fresh issue and secondary share sales.

Boat received shareholder approval for the IPO in February 2025, and the company is now seeking to time its public listing in sync with market conditions and investor sentiment.

Growing Trend of Confidential IPO Filings in India

So far, eight Indian firms have opted for confidential IPO filings since the route’s introduction. Notable examples include:

• Physics Wallah (filed March 2025)

• Indira IVF, which later withdrew its application

• Tata Play, which pioneered this method but abandoned its IPO

• Oyo, which filed in 2023 but hasn’t proceeded yet

• Swiggy, which filed in 2024 and is expected to list soon

This route is increasingly favored by startups and high-profile firms looking to minimize market speculation and regulatory hurdles during the filing process.

Conclusion

The confidential IPO filings by Tata Capital and Boat mark a strategic shift in how Indian companies approach public listings. As regulatory frameworks evolve and market volatility remains a concern, this filing route offers flexibility while maintaining investor confidence. If both listings go through, they could inject significant momentum into India’s IPO pipeline in 2025.