'Tata should commit to IPO after RBI setback'
InGovern Research Services has advised the Tata Sons board to commit to an IPO, following the Reserve Bank of India's rejection of Tata Sons' bid to exit tighter regulatory oversight. The report, titled 'Tata Sons: Bell the Cat', suggests that the board should not pursue litigation or alternative structures to remain unlisted, but instead prepare for an initial public offering.
A listing would benefit around 1.77 crore non-unique shareholders across Tata group companies and allow Tata Sons to meet its mandatory listing deadline, which expired in September 2025. The IPO could rank among India's largest public offerings, with a potential deal size of USD 5 billion and a valuation over Rs 20 lakh crore. However, the listing debate also raises questions about leadership, with Chairman N Chandrasekaran's second term ending in February 2027 and some directors considering whether to ask him to continue.
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