The Tata Group has reportedly put on hold its plans for an IPO of its entertainment content distribution platform, Tata Play Ltd., following the acquisition of minority investors.

What Happened: The Indian conglomerate has opted to retain Tata Play as a privately held company for a longer duration, reported Bloomberg. This decision is in line with the company’s strategy to expand the business further before contemplating any potential listing in the future. Tata has withdrawn the prospectus it had earlier submitted to the Securities and Exchange Board of India for an IPO.

See Also: Cash Strapped Spicejet Falls Over 5 Over Regulatory Concerns

The decision to defer the IPO plans was taken after Tata acquired the minority stakes in the unit, which included those held by Singapore’s Temasek Holdings Pte. and Tata Opportunities Fund, the group’s premier private equity venture.

Although the IPO has been put on hold for now, there is a possibility of Tata Play’s public listing being revived in the future. The company may aim for a valuation of over $1 billion (around ₹8,383 crore) for the entertainment business in any potential share sale.

Tata Play had confidentially filed for IPO with SEBI in 2022, making it the first Indian company to file IPO documents in such a manner.

Read Next: Why Rvnl Shares Are Climbing Over 1 In Early Trade Today