by Suman Gupta
The Floor Price is 31.0 times the face value of Equity Shares and the Cap Price is 32.6 times the face value of the Equity Shares.
Bid / Offer will open on Monday, October 6, 2025 and close on Wednesday, October 8, 2025 (“Bid Dates”).
The Anchor Investor Bid / Offer Period shall be Friday, October 3, 2025.
Bids can be made for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter. (“No. of Bids”)
Red Herring Prospectus link: https://investmentbank.kotak.com/downloads/tatacapital-RHP.pdf
MUMBAI, 29 SEPTEMBER, 2025: Tata Capital Limited (“TCL” or the “Company”), shall open the Bid/Offer in relation to its initial public offer of Equity Shares on Monday, October 6, 2025. Tata Sons is all set to garner a gain of whopping Rs. 6,716 crore from the initial public offering (IPO) of Tata Capital, the flagship Non-Banking Financial Company (NBFC) of the Tata Group. This marks the conglomerate’s first public market offering in nearly two years, following the successful listing of Tata Technologies in November 2024.
Tata Capital is set to launch its maiden share sale on Monday, October 6, 2025, through which it aims to raise a total of Rs.15,511.87 crore. According to the Red Herring Prospectus (RHP) filed with market regulator, the offering will comprise a fresh equity issue worth Rs.6,846 crore, along with an Offer for Sale (OFS). Under the OFS, promoter Tata Sons will divest 230 million equity shares, while International Finance Corporation (IFC), an existing shareholder, will sell approximately 35.82 million equity shares.
Tata Capital has fixed the IPO price band at Rs. 310 to Rs. 326 per share of the face value of Rs. 10. If the IPO is fully subscribed at the upper end of the range, Tata Sons is expected to raise around Rs. 7,498 crore from its portion of the OFS. Meanwhile, Tata Sons’ average acquisition cost for these shares stands at Rs. 34 per share, amounting to a total acquisition cost of approximately Rs.782 crore.
Based on these figures, the transaction is expected to generate a profit of approximately Rs. 6,716 crore for Tata Sons, including payable taxes, if applicable.
The Tata Capital IPO date of subscription is scheduled for Monday, October 6 and will close on Wednesday, October 8. The allocation to anchor investors for the Tata Capital IPO is scheduled to take place on Friday, October 3. The Tata Capital IPO lot size is 46 equity shares and in multiples of 46 equity shares thereafter.The floor price and cap price are 31.0 times and 32.6 times the face value of the equity shares, respectively.
The proposed initial public offering consists of 47.58 crore shares, which includes a new issue of 21 crore equity shares and an offer for sale (OFS) of 26.58 crore shares.As part of the OFS, Tata Sons will sell 23 crore shares, while the International Finance Corporation (IFC) will sell 3.58 crore shares.
The Management Team at the IPO announcement who addressed the media gathering were- Mr. Saurabh Agrawal, Chairman, Tata Capital Limited; Mr. Rajiv Sabharwal, MD and CEO, Tata Capital Limited; Mr.Rakesh Bhatia, CFO, Tata Capital Limited; Mr. Sarosh Amaria, MD, Tata Capital Housing Finance Limited.
Tata Capital IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee portion has been reserved up to 1,200,000 equity shares.
Tentatively, Tata Capital IPO basis of allotment of shares will be finalised on Thursday, October 9 and the company will initiate refunds on Friday, October 10, while the shares will be credited to the demat account of allottees on the same day following refund. Tata Capital share price is likely to be listed on BSE and NSE on Monday, October 13.
The funds raised from the IPO will be utilised to enhance the company’s Tier-1 capital, which will support future capital needs, including lending activities.
Tata Capital IPO is being carried out in accordance with the Reserve Bank of India’s (RBI) requirement for upper-layer non-banking financial companies (NBFCs) to be listed within three years of their classification. Tata Capital was classified as an upper-layer NBFC in September 2022.
In the financial year 2024-25, Tata Capital announced a profit after tax (PAT) of Rs. 3,655 crore, an increase from Rs. 3,327 crore in FY24. Additionally, its revenue saw a significant rise to Rs. 28,313 crore in FY25, compared to Rs. 18,175 crore in the prior year.
Tata Capital IPO is being underwritten by a group of lead managers, which includes Axis Capital, Kotak Mahindra Capital Company, BNP Paribas, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited, Citigroup Global Markets India Private Limited, ICICI Securities, IIFL Capital Services, SBI Capital Markets, and J P Morgan India.
Tata Capital, Non Banking Financial Company has served over 7 million customers by March 31. With a range of more than 25 lending options, the company addresses the needs of a varied clientele, including employed individuals, self-employed workers, entrepreneurs, small enterprises, SMEs, and larger corporations.
Besides offering loans, Tata Capital also distributes third-party products like insurance and credit cards, provides wealth management services, and functions as a sponsor and investment manager for private equity funds.
