Tata Sons Ltd., poised for an IPO within 18 months, might attain a valuation of 8 trillion rupees ($96 billion), as per Spark PWM Pvt. The conglomerate, owning stakes in Tata Consultancy Services Ltd. and Tata Motors Ltd., was mandated by the central bank for public listing within three years. Analyst Vidit Shah highlights potential value from unlisted investments in new segments like semiconductors and EV batteries. The IPO could streamline Tata Group’s holding structure, with listed firms possibly liquidating their holdings. Despite non-monetizable holdings, restructuring could prompt a re-rating, Shah notes.