Why It’s Getting Harder for Tata Sons to Resist an IPO

Recent changes to regulations governing India’s shadow banks have rekindled speculation that Tata Sons Pvt., the entity that lies at the heart of one of the nation’s biggest conglomerates, may have to go public.

The holding company of the $180 billion Tata Group empire that spans IT services, steel, hospitality and consumer goods has resisted a stock exchange listing as this would subject it to tighter regulatory oversight and force it to reveal more of the group’s internal dealings.