Tata Capital's Rs 15,512 Crore IPO Opens Next Week: Check Price Band And Subscription Dates
The IPO will open for subscription on October 6 and close on October 8, with anchor book bidding scheduled for October 3.
Tata Capital, the non-banking financial arm of the Tata Group, is set to launch its much-anticipated Initial Public Offering (IPO) with a price band of Rs 310-326 per share.
Valued at approximately Rs 1.38 lakh crore at the top end of the band, this Rs 15,512 crore offering is the largest in India this year and is expected to capture significant market attention, reported PTI.
Key Details of the Offering
The IPO will open for subscription on October 6 and close on October 8, with anchor book bidding scheduled for October 3. It comprises a total of 47.58 crore shares, including a fresh issue of 21 crore equity shares and an Offer For Sale (OFS) of 26.58 crore shares.
Under the OFS, Tata Sons plans to sell 23 crore shares, while the International Finance Corporation (IFC) will divest 3.58 crore shares. Currently, Tata Sons holds an 88.6 per cent stake in Tata Capital, and IFC owns 1.8 per cent. The proceeds from the IPO are intended to strengthen Tata Capital’s Tier-1 capital base and support future lending and capital requirements.
Background and Regulatory Context
Tata Capital filed draft papers in April 2025 through the confidential pre-filing route and obtained SEBI approval in July. This IPO aligns with the Reserve Bank of India’s mandate requiring upper-layer non-banking financial companies (NBFCs) to be publicly listed within three years of classification. Tata Capital was designated as an upper-layer NBFC in September 2022.
This listing marks the Tata Group's second public debut in recent years, following Tata Technologies’ listing in November 2023. Comparatively, HDB Financial Services, HDFC Bank’s NBFC arm, went public with a Rs 12,500 crore issue in June, and Bajaj Housing Finance’s IPO in September 2024 closed with a 135 per cent premium on its first day of trading.
Financial Performance and Business Overview
Tata Capital reported a profit after tax (PAT) of Rs 3,655 crore in FY25, up from Rs 3,327 crore in FY24. Revenue rose sharply to Rs 28,313 crore in FY25 from Rs 18,175 crore in FY24. Since starting operations in 2007, Tata Capital has served over 7 million customers, offering more than 25 lending products to salaried and self-employed individuals, entrepreneurs, SMEs, and corporates.
In addition to lending, Tata Capital provides wealth management services, distributes third-party insurance and credit cards, and acts as a sponsor and investment manager for private equity funds.
Allocation and Market Debut
The IPO allocation reserves 50 per cent for qualified institutional buyers (QIBs), 35 per cent for retail investors, and 15 per cent for non-institutional investors. Tata Capital is expected to make its stock market debut on October 13.
The issue is being managed by a consortium of book-running lead managers, including Axis Capital, Kotak Mahindra Capital Company, BNP Paribas, HDFC Bank, HSBC Securities and Capital Markets (India) Pvt Ltd, Citigroup Global Markets India Pvt Ltd, ICICI Securities, IIFL Capital Services, SBI Capital Markets, and J.P. Morgan India.
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