Tata Capital Ltd. has officially opened subscriptions for its much-awaited initial public offering (IPO), aiming to raise up to ₹155 billion ($1.7 billion). This makes it India’s largest listing of 2025 and one of the most significant financial events of the year, further fueling the country’s already buzzing IPO market.
The issue, priced between ₹310 and ₹326 per share, values Tata Capital at nearly ₹1.4 trillion ($15.7 billion). Trading is set to begin on October 13. The listing will position Tata Capital well above many industry peers, with a market cap more than double that of HDB Financial Services Ltd., which debuted earlier this year.
The IPO, comprising fresh shares as well as an offer for sale by Tata Capital, its parent, and the International Finance Corp., includes up to 475.8 million shares. Early momentum has been strong, with anchor investors such as Morgan Stanley, Goldman Sachs, Nomura Holdings, and Life Insurance Corporation of India subscribing to shares worth ₹46.4 billion ($523 million).
Industry experts believe this IPO signals investor confidence despite volatility in India’s stock markets. “Mutual funds and retail inflows are providing ample liquidity, allowing large IPOs like Tata Capital’s to be absorbed,” said Raghuram K, partner at Uniqus Consultech.
Founded in 2007, Tata Capital serves over 73 million customers, managing assets worth ₹2.33 trillion as of June 2025. The company offers a wide range of financial products and services to retail, corporate, and institutional clients.
Brokerage houses see long-term growth potential in the issue. ICICI Direct highlighted Tata Capital’s resilient business model and diversified portfolio, while SBI Securities noted that the company’s shares, at 3.4 times book value, remain attractively priced compared to rivals like Bajaj Finance and Cholamandalam Finance.
The listing comes amid a strong IPO wave in India, with October alone projected to exceed $5 billion in proceeds, following Tata’s issue and LG Electronics India’s billion-dollar IPO. With $11.2 billion already raised this year, India has emerged as the fourth-largest IPO market globally, further cementing its position as a hub for capital market growth.
Analysts expect regulatory reforms and rising investor demand to sustain the IPO boom. For Tata Capital, this milestone not only marks a landmark fundraising but also strengthens its role as the financial backbone of one of India’s most trusted conglomerates, the Tata Group.