- India’s largest NBFC listing aims at $18 bn valuation
- The offer will close on Wednesday, October 8
- The Anchor investor bidding will open on Friday, October 3
- Price Band has been fixed at ₹ 310 to ₹ 326 per Equity Share
- Bids can be made for a minimum of 46 Equity Shares and in multiples thereof
NE BUSINESS BUREAU
AHMEDABAD, SEPT 30
Tata Capital Ltd, the financial services arm of the Tata Group, will hit the primary markets with its ₹15,512-crore initial public offering (IPO) on Monday, October 6, 2025. The offer, closing on Wednesday, October 8, is expected to be the largest ever public issue in India’s financial services sector, with an estimated valuation of $18 billion. Anchor investor bidding will open on October 3.
Offer Structure
The IPO will comprise a fresh issue of 21 crore equity shares and an offer for sale (OFS) of 26.58 crore shares. Tata Sons, the promoter holding 88.6%, will offload up to 23 crore shares. International Finance Corporation (IFC), which owns 1.8%, will divest 3.58 crore shares.
Proceeds from the fresh issue will be deployed to strengthen Tier-1 capital, supporting future lending growth and capital adequacy requirements.
RBI Listing Mandate
The IPO is being launched in line with the Reserve Bank of India’s directive requiring “upper-layer” NBFCs to list within three years of classification. Tata Capital was designated an upper-layer NBFC in September 2022.
Financial Performance
In FY25, PAT stood at ₹3,655 crore, up from ₹3,327 crore in FY24; revenue surged 55% YoY to ₹28,313 crore. Q1 FY26 (ended June 2025): Revenue rose to ₹7,665 crore (vs. ₹6,546 crore YoY); quarterly profit more than doubled to ₹1,041 crore (vs. ₹472 crore).
Since commencing operations in 2007, Tata Capital has served over 70 lakh customers, offering 25+ lending products across retail, SME, corporate, and wealth segments. It also distributes insurance, credit cards, and manages private equity funds.
Company profile
Mumbai-based Tata Capital is a diversified financial services company and a subsidiary of Tata Sons. It operates as a NBFC in India, offering a wide range of financial products and services to retail, corporate, and institutional customers. It has an extensive PAN-India distribution network comprising 1,516 branches spanning 1,109 locations across 27 states and UTs as of June 30, 2025.
Share reservation
Tata Capital has reserved 12 lakh shares for its eligible employees. Of the net issue, 50 per cent shares will be reserved for qualified institutional bidders (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent shares for retail investors of the issue.
Market Context
The listing comes amid heightened investor appetite for financial services IPOs. If successful, it will be the Tata Group’s second major listing in recent years, following Tata Technologies’ debut in November 2023.
Listing & lead managers
The shares will be listed on the BSE and the NSE.
The IPO is being managed by a consortium of Axis Capital, Kotak Mahindra Capital, BNP Paribas, HDFC Bank, HSBC, Citigroup, ICICI Securities, IIFL Capital, SBI Capital Markets, and J.P. Morgan India.
