Tata Capital Ltd., a leading non-banking financial company (NBFC) under the Tata Group, will open its Tata Capital IPO 2025 on Oct. 8. The issue, comprising both fresh equity shares and an offer-for-sale (OFS), aims to raise up to ₹15,511.87 crore at the upper end of the price band. The subscription window will close on Oct. 10.
IPO structure and price details
The IPO includes a fresh share sale of 21 crore equity shares and an OFS of up to 26.58 crore shares by Tata Sons and International Finance Corporation (IFC). The company has set the price band at ₹310 to ₹326 per share, with bids allowed for a minimum of 46 shares and in multiples thereafter, forming part of the Tata Capital IPO 2025.
At the upper price band, Tata Capital’s post-issue market capitalization is expected to reach about ₹1.38 lakh crore. The anchor book allocation is scheduled for Oct. 3.
The firm recently raised ₹1,751.85 crore through a rights issue in June–July 2025, offering shares at ₹343 apiece. The current IPO price band represents a discount of nearly 5 percent compared with that rights issue.
Utilization of proceeds
The company said net proceeds from the fresh issue of the Tata Capital IPO 2025 will be used to strengthen its tier-I capital base. This includes meeting future capital requirements, onward lending, and general corporate purposes.
Tata Capital has reserved 12 lakh shares for eligible employees. Of the remaining issue, 50 percent is allocated to qualified institutional buyers (QIBs), 15 percent to non-institutional investors (NIIs), and 35 percent to retail investors.
Market observers indicated that the company’s shares were last seen trading at a grey market premium (GMP) of ₹28–30 per share, suggesting a potential listing gain of around 10 percent.
Financial performance
For the quarter ended June 30, 2025, Tata Capital reported a net profit of ₹1,040.93 crore on revenue of ₹7,691.65 crore. For the full financial year 2024–25, the company recorded a net profit of ₹3,655.02 crore with revenue of ₹28,369.87 crore. This financial strength adds confidence for investors considering the Tata Capital IPO 2025.
The Mumbai-based company operates as a diversified NBFC, offering retail, corporate, and institutional financial services. As of June 30, it maintained a pan-India presence with 1,516 branches across 1,109 locations in 27 states and union territories.
Listing and lead managers
Shares of Tata Capital are scheduled to be listed on both BSE and NSE on Oct. 13, completing the Tata Capital IPO 2025 process. The allotment of shares will be announced on Oct. 9.
Kotak Mahindra Capital Company, Axis Capital, BNP Paribas, HDFC Bank, and Citigroup Global Markets India are acting as book-running lead managers or the Tata Capital IPO 2025. MUFG Intime India has been appointed registrar to the issue.
Background
Established as a financial services arm of Tata Sons, Tata Capital has expanded into consumer finance, commercial lending, wealth management, and distribution of financial products. Its position as part of the Tata Group—one of India’s largest conglomerates—has helped strengthen its presence in the country’s financial services market.
The IPO is among the largest in the sector this year and comes at a time when capital requirements for NBFCs are rising amid growing demand for credit.
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