Tata Sons’ IPO can take a page from a Hong Kong titan

RBI's requirement for upper-layer shadow lenders leaves Tata Sons facing an inevitable public listing. To resolve long-standing friction with minority owner Shapoorji Pallonji Group over illiquid shares, Tata Sons could emulate Scottish group Jardine Matheson by simplifying its corporate structure, buying out SP Group's stake, and using differential voting rights during an IPO to preserve control and financial stability.