ANKUR TYAGITata Capital, a leading non-banking financial company (NBFC), has announced its much-awaited ₹15,511.9 crore IPO, setting the price band at ₹310 to ₹326 per share. The issue will open for subscription on October 6 and close on October 8.
IPO Structure
The issue is a mix of:
- Fresh issue: ₹6,846 crore
- Offer for Sale (OFS): ₹8,665.9 crore
Under the OFS, promoter Tata Sons Pvt Ltd will sell up to 23 crore shares, while International Finance Corporation (IFC) will divest nearly 3.58 crore shares.
The fresh proceeds will be used to strengthen Tata Capital’s Tier-1 capital base, supporting its lending growth and future capital requirements.
Lot Size & Investor Quota
- Lot size: 46 shares (and multiples thereof)
- Investor allocation:
- 50% for Qualified Institutional Buyers (QIBs)
- 35% for Retail Investors
- 15% for Non-Institutional Investors (NIIs)
IPO Timeline
- Anchor investor bidding: October 3
- Subscription period: October 6–8
- Basis of allotment: October 9
- Refund initiation: October 10
- Credit to Demat accounts: October 10
- Listing date: October 13
Rationale Behind IPO
This listing complies with the RBI mandate requiring “upper-layer” NBFCs to list within three years of classification. Tata Capital was designated as one such NBFC in September 2022.
Financial Performance
- FY25 PAT: ₹3,655 crore (vs ₹3,327 crore in FY24)
- Revenue: ₹28,313 crore in FY25 (up from ₹18,175 crore in FY24)
Since commencing lending operations in 2007, Tata Capital has served over 70 lakh customers, offering personal loans, SME financing, corporate loans, wealth management, and distribution of financial products such as credit cards and insurance.
Market Context
The IPO comes on the heels of other NBFC listings like HDB Financial Services (₹12,500 crore issue in June 2025) and Bajaj Housing Finance, which debuted strongly in 2024 with a 114% premium.
With its strong financials and diversified portfolio, Tata Capital’s IPO is expected to attract strong investor participation.
Abhishek Sinha
