Tata Group has shelved plans for an initial public offering of its entertainment content distribution platform Tata Play after buying out minority investors, according to people familiar with the matter, a Bloomberg report stated yesterday.

The Indian conglomerate has opted to keep Tata Play Ltd. as a closely held company for longer as it seeks to expand the business ahead of any potential listing in the future, the people said, asking not to be identified because the matter is private, the report stated. (https://www.bnnbloomberg.ca/business/company-news/2024/08/29/tata-is-said-to-shelve-media-unit-ipo-after-buying-out-temasek/)

Tata has withdrawn the prospectus it filed with the Securities and Exchange Board of India for an IPO, the people said.

The decision to put the IPO plans on hold came after Tata bought out minority investors in the unit, including Singapore’s Temasek Holdings Pte. and the group’s flagship private equity venture Tata Opportunities Fund, the people said.

Last year, Tata had been weighing postponing the IPO plans given market conditions, Bloomberg News reported at the time.

Plans for an IPO of Tata Play could still be revived in the future, the people said. Tata may seek a valuation of more than $1 billion for the entertainment business in any potential share sale, they added.

Representatives for Tata Group and Tata Play declined to comment, the Bloomberg report added.