Summary of this article
Tata Capital IPO is the biggest public issue launched in 2025 so far. The NBFC seeks to raise Rs 17,200 crore through its public issue.
Tata Capital IPO: The year 2025 has been an extremely significant one for the primary market. Several companies have already tapped the primary market to raise funds. Amid the rush in the primary market, Tata Capital has also announced the tentative dates for its public issue and its D-Street debut and filed its red herring prospectus with the Securities and Exchange Board of India (Sebi) on September 26, 2025.
Ahead of the opening of the bidding window in the first week of October, here’s a look at some key details of the public issue from the draft red herring prospectus (RHP):
Tata Capital IPO: Issue Size
Tata Capital’s initial public offering (IPO) is expected to be valued around Rs 17,200 crore, according to the company’s RHP. The issue size is likely to consist of an offer-for-sale (OFS) of up to 265.79 million shares and a fresh issue component of up to 210 million shares. Tata Sons, the promoter of the company is set to pare its stake in the public issue by selling up to 230 million shares of the company. International Finance Corporation (IFC), an investor in Tata Capital, will also pare stake in the public issue and sell up to 35.82 million shares.
Tata Capital IPO GMP
The grey market premium for Tata Capital’s shares ranges between Rs 25 and Rs 31 on September 27, according to multiple websites which track the demand for unlisted shares.
Tata Capital IPO: Key Dates
Tata Capital IPO subscription window will remain open from October 6-8, and the share allotment status will be finalised on October 9. Once the share allotment status is finalised, successful bidders will receive shares of the company on October 10 and unsuccessful bidders will receive refunds on the same day. Shares of Tata Capital are likely to list on the NSE and BSE on October 13.
Tata Capital IPO: Registrar
Tata Capital IPO’s registrar is MUFG Intime India, and the book-running lead manager is Kotak Mahindra Capital.
Tata Capital: Business Model
Tata Capital is a subsidiary of Tata Sons. Tata Sons is the holding company of the Tata Group and is also a promoter of the company. According to CRISIL’s Analysis of NBFC Sector in India report, Tata Capital is the third largest diversified non-banking financial company (NBFC) in India. The company offers over 25 lending products and caters to a diverse customer base comprising salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises, and corporates.
The company operates through an omni-channel model and has a pan-India distribution network comprising 1,496 branches across 27 states and Union Territories, as of March 31, 2025.
Tata Capital: Peers
Tata Capital mentioned in its RHP that it faces competition across all its product offerings. Thus, the company’s competitors include banks, NBFCs, housing finance companies (HFCs), small finance banks (SFBs), digital lending platforms, and private unorganised and informal financiers who primarily operate in local markets.
According to the RHP, Tata Capital’s peers include Bajaj Finance, Shriram Finance, Cholamandalam Investment and Finance, L&T Finance, Sundaram Finance, and HDB Financial Services.
Tata Capital: Key Financial Details
Tata Capital’s total income for the fiscal ended March 31, 2025 grew by nearly 56 per cent to Rs 28,369.87 crore compared to Rs 18,198.38 crore in the fiscal ended March 31, 2024. Tata Capital’s profit-after-tax (PAT) for FY25 grew by over 9 per cent to Rs 3,655.02 crore compared to Rs 3,326.96 crore in the preceding fiscal. Tata Capital’s net worth surged by over 38 per cent to Rs 32,587.82 crore in FY25 compared to Rs 23,540.19 crore in FY24.
Tata Capital IPO: Objective
Tata Capital plans to use the money raised via the public issue for augmenting its Tier – I capital base to meet its future capital requirements, including onward lending.
Additionally the Reserve Bank of India (RBI) mandates that ‘upper-layer’ NBFCs, a category Tata Capital was placed in in 2022, must be publicly listed within three years. Thus, the public issue is also a necessary step to meet the September 2025 deadline for complying with RBI norms.
About Tata Capital
Tata Capital is a diversified financial services company. The offerings of the company include consumer loans, commercial finance, wealth management, investment banking, private equity, and cleantech finance.
