New Delhi: Tata Capital has announced one of 2025’s biggest public issues, aiming to raise about Rs 17,200 crore via its initial public offering (IPO). According to its Draft Red Herring Prospectus (DRHP), the issue comprises two parts: an offer-for-sale (OFS) of up to 265.79 million shares and a fresh issue of around 210 million shares. Promoter Tata Sons plans to offload up to 230 million shares, and the International Finance Corporation (IFC) will also sell as many as 35.82 million shares.
Ahead of the bidding window’s opening in early October, here are the essential dates: the IPO subscription period is slated for October 6–8, with share allotments to be finalized by October 9. Refunds and share allocations to successful applicants will be processed on October 10, and the shares are expected to list on the BSE and NSE on October 13. The book-running lead manager is Kotak Mahindra Capital, and the IPO registrar is MUFG Intime India.
Tata Capital operates as a diversified non-banking financial company (NBFC) under Tata Sons’ umbrella. As of March 31, 2025, it has a presence across 1,496 branches in 27 states and Union Territories. In the fiscal year ending March 2025, its total income rose nearly 56 percent to Rs 28,369.87 crore, and profit after tax (PAT) grew over 9 percent to Rs 3,655.02 crore. Its net worth jumped by 38 percent year-over-year, reaching Rs 32,587.82 crore.
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In its DRHP, Tata Capital also notes its competitive environment: it competes with banks, NBFCs, housing finance firms, small finance banks, digital lenders, and informal/local financiers. Its peers include Bajaj Finance, Shriram Finance, Cholamandalam Investment & Finance, L&T Finance, Sundaram Finance, and HDB Financial Services.
One driving reason for this IPO is regulatory: in 2022, the RBI classified Tata Capital as an “upper-layer NBFC,” a category that mandates listing within three years. The company must comply by September 2025. Proceeds from this public issue will bolster Tata Capital’s Tier I capital base and support further lending operations.