India's biggest IPO of the year is now open for subscription. Tata Capital's Rs 15,512 crore initial public offering opened on October 6 and closes on October 8, with the price band fixed at Rs 310–326 per share. The shares are scheduled to list on the BSE and NSE on October 13.
The offer mixes a Rs 6,846 crore fresh issue (21 crore shares) with an offer for sale of Rs 8,666 crore by promoter Tata Sons (23 crore shares) and the International Finance Corporation (3.58 crore shares). Proceeds from the fresh issue will shore up Tata Capital's Tier-I capital base to fund future lending growth. The listing also satisfies the RBI's mandate that 'upper-layer' NBFCs list within three years of classification.
The issue is already drawing heavyweight demand. Ahead of the public offer, Tata Capital allocated Rs 4,642 crore worth of shares to 135 anchor investors on October 3 — with LIC the single largest at nearly Rs 700 crore, alongside Goldman Sachs, Morgan Stanley, Nomura and Norway's sovereign wealth fund. Day-one subscription stood at around 19%, led by institutional buyers.
As the Tata Group's flagship financial services arm, Tata Capital is India's third-largest diversified NBFC, with gross loans of Rs 2.33 lakh crore as of June 2025 and a loan-book CAGR of 37.3% between FY23 and FY25. Asset quality is among the best in the sector, with gross NPAs at 2.1%. This is only the second Tata group company to list in recent years after Tata Technologies' blockbuster debut in November 2023.
Why it matters for founders
A blockbuster NBFC IPO led by domestic institutions signals deep public-market appetite for financial services — the same pools of capital that back late-stage fintechs and lending startups. Founders in financial services should note the valuation discipline: Tata Capital is pricing at roughly 32x FY25 earnings, a reminder that public markets reward profitable scale, not just growth.