Tata Capital IPO Sets Price Band for 2025’s Biggest Public Issue

Tata Capital Ltd., the non-banking financial company (NBFC) arm of the Tata Group, is all set to launch the largest IPO of 2025, raising over ₹15,500 crore. With a price band fixed between ₹310 to ₹326 per share, the issue is among the biggest in India’s market history, following giants like Hyundai Motor India, LIC, and Paytm. The IPO will open for subscription on Monday, October 6, 2025, and close on Wednesday, October 8, 2025.

Tata Capital IPO Price Band and Issue Size

Tata Capital has fixed the IPO price band between ₹310 and ₹326 per share. At the upper end of the band, the IPO size will touch ₹15,512 crore, making it not only the largest IPO of 2025 but also one of India’s top public offerings in terms of fundraising.

The issue consists of:

• Fresh issue: 21 crore equity shares (face value ₹10 each).

• Offer for Sale (OFS): 26.58 crore equity shares by Tata Sons (the promoter) and International Finance Corporation.

IPO Dates and Bidding Details

• Opens on: October 6, 2025 (Monday)

• Closes on: October 8, 2025 (Wednesday)

• Share allotment: October 9, 2025

• Listing date: October 13, 2025

Retail investors can bid in a minimum lot of 46 shares, which requires an investment of ₹14,996 per lot at the lower end of the price band. Bids can be placed in multiples of 46 shares thereafter.

Investor Quota Allocation

The IPO has been structured with a balanced allocation for all categories of investors:

• Qualified Institutional Buyers (QIBs): 50% of the shares on offer.

• Non-Institutional Investors (NIIs): 15% of the shares.

• Retail Investors: 35% of the shares.

This structure ensures strong institutional participation while keeping a significant portion open for retail investors.

Market Capitalisation Post-Issue

At the upper price band of ₹326, Tata Capital’s post-issue market capitalisation is estimated at ₹1.38 lakh crore. This positions Tata Capital among the largest listed financial services companies in India, highlighting its strong growth potential and brand value as part of the Tata Group.

Lead Managers of the IPO

The Tata Capital IPO is being managed by a consortium of top domestic and international investment banks. The book-running lead managers include:

• Axis Capital

• Kotak Mahindra Capital

• BNP Paribas

• Citigroup

• HDFC Bank

• HSBC Securities and Capital Markets

• ICICI Securities

• IIFL Capital Services

• JPMorgan

• SBI Capital Markets

This diverse lineup of managers underscores the scale and importance of the issue.

Significance of the Tata Capital IPO

This IPO marks the first Tata Group public issue in nearly two years, following the successful listing of Tata Technologies in November 2023. The offering is expected to draw huge interest from investors given Tata Group’s reputation, Tata Capital’s expanding financial services portfolio, and India’s growing NBFC sector.

Market analysts believe that Tata Capital’s IPO could set a new benchmark for large-scale fundraising in 2025, much like LIC and Paytm in previous years.

Conclusion

The Tata Capital IPO 2025 is poised to be a landmark event in India’s equity markets. With a strong price band, massive issue size, and solid backing from the Tata Group, it is expected to attract widespread participation from retail and institutional investors alike. As India’s largest IPO of 2025 so far, Tata Capital’s market debut will be closely watched by the entire financial community.