India’s IPO market continues to attract significant attention in 2025, with large-cap and niche financial firms tapping the markets. Tata Capital Limited (TCL), a diversified financial services company and subsidiary of Tata Sons Private Limited, is set to open its IPO on October 6, 2025, offering investors an opportunity to participate in one of India’s largest NBFCs with a robust pan-India presence.
About Tata Capital Ltd.
Incorporated as a subsidiary of Tata Sons Private Limited, Tata Capital is a leading non-banking financial company (NBFC) offering a wide range of products and services across retail, corporate, and institutional segments.
Key Offerings:
- Consumer Loans: Personal loans, home loans, auto loans, education loans, and loans against property.
- Commercial Finance: Term loans, working capital loans, equipment financing, and lease rental discounting.
- Wealth Management: Portfolio management, investment advisory, and distribution of financial products.
- Investment Banking: Equity capital markets, M&A advisory, and structured finance solutions.
- Private Equity: Funds investing in high-growth companies.
- Cleantech Finance: Renewable energy, energy efficiency, waste, and water management financing.
As of June 30, 2025, Tata Capital operates a PAN-India network with 1,516 branches in 1,109 locations across 27 States and Union Territories. It serves salaried and self-employed individuals, entrepreneurs, SMEs, corporates, and HNIs.
Competitive Strengths:
- Flagship NBFC of the Tata group with extensive brand trust
- Third largest diversified NBFC in India with comprehensive lending products
- Omni-channel distribution model (branches, partnerships, digital platforms)
- Robust credit underwriting and collections capabilities
- Strong digital and analytics capabilities
- Consistent financial performance with experienced management
Tata Capital IPO Details
The Tata Capital IPO is a book-building issue of ₹15,511.87 crore, comprising:
- Fresh Issue: 21.00 crore shares (~₹6,846 Cr)
- Offer for Sale: 26.58 crore shares (~₹8,665.87 Cr)
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Oct 6, 2025 |
| IPO Close Date | Oct 8, 2025 |
| Tentative Allotment | Oct 9, 2025 |
| Initiation of Refunds | Oct 10, 2025 |
| Credit of Shares to Demat | Oct 10, 2025 |
| Tentative Listing Date | Oct 13, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 8, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹310 – ₹326 per share |
| Lot Size | 46 shares |
| Total Issue Size | 47,58,24,280 shares (aggregating up to ₹15,511.87 Cr) |
| Fresh Issue | 21,00,00,000 shares (aggregating up to ₹6,846.00 Cr) |
| Offer for Sale | 26,58,24,280 shares of ₹10 (aggregating up to ₹8,665.87 Cr) |
| Sale Type | Fresh Capital + Offer for Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 4,03,48,69,037 shares |
| Shareholding Post-Issue | 4,24,48,69,037 shares |
Anchor Investor Details:
| Bid Date | Shares Offered | Amount (₹ Cr) | Lock-in 50% | Lock-in Remaining 50% |
| Oct 3, 2025 | 14,23,87,284 | 4,641.83 | Nov 8, 2025 | Jan 7, 2026 |
Investor Category Reservation:
| Investor Category | Shares Offered | Maximum Allottees |
| QIB Shares Offered | 23,73,12,140 (49.87%) | NA |
| NII (HNI) Shares Offered | 7,11,93,642 (14.96%) | NA |
| Retail Shares Offered | 16,61,18,498 (34.91%) | 36,11,271 |
| Employee Shares Offered | 12,00,000 (0.25%) | NA |
| Total Shares Offered | 47,58,24,280 (100.00%) |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 46 | ₹14,996 |
| Retail (Max) | 13 | 598 | ₹1,94,948 |
| S-HNI (Min) | 14 | 644 | ₹2,09,944 |
| S-HNI (Max) | 66 | 3,036 | ₹9,89,736 |
| B-HNI (Min) | 67 | 3,082 | ₹10,04,732 |
Promoter Holding:
Tata Sons Private Limited is the promoter of the company.
- Pre-IPO: 95.6%
- Post-IPO: 85.5%
Book Running Lead Manager: Kotak Mahindra Capital Co. Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Tata Capital Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 2,52,254.28 | 2,48,465.01 | 1,76,693.98 | 1,35,626.10 |
| Total Income | 7,691.65 | 28,369.87 | 18,198.38 | 13,637.49 |
| Profit After Tax | 1,040.93 | 3,655.02 | 3,326.96 | 2,945.77 |
| EBITDA | 5,565.86 | 20,338.22 | 14,247.76 | 10,763.22 |
| Net Worth | 32,761.73 | 32,587.82 | 23,540.19 | 17,959.06 |
| Reserves & Surplus | 29,260.88 | 24,299.36 | 18,121.83 | 11,899.32 |
| Total Borrowing | 2,11,851.60 | 2,08,414.93 | 1,48,185.29 | 1,13,335.91 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Cap | ₹1,38,382.73 Cr |
| ROE | 12.6% |
| Debt/Equity | 6.60 |
| RoNW | 11.2% |
| Price to Book Value | 4.10 |
| EPS (Pre-IPO) | ₹9.06 |
| EPS (Post-IPO) | ₹9.81 |
| P/E (Pre-IPO) | 35.99x |
| P/E (Post-IPO) | 33.24x |
Objects of the Issue
| S.No | Objects | Amount (₹ Cr) |
| 1 | Augmentation of Tier-I capital to meet future capital requirements, including onward lending | Balance of proceeds |
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Conclusion
Tata Capital Ltd. IPO offers investors a stake in one of India’s leading diversified NBFCs with a strong brand presence, pan-India network, and diverse lending portfolio. The company has demonstrated consistent financial performance and provides exposure to the growing credit and financial services sector. Investors should, however, consider risks including macroeconomic factors, credit defaults, and competition in the NBFC space.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
