Tata Capital to Launch 2025’s Biggest IPO Between October 6-8

Tata Capital, the financial services arm of the Tata Group, is gearing up for what is set to be 2025’s biggest initial public offering (IPO). The company filed its red herring prospectus with the Securities and Exchange Board of India (SEBI) and stock exchanges on September 26, moving one step closer to its Dalal Street debut.

According to the filing, the IPO will comprise a fresh issue of up to 21 crore equity shares with a face value of ₹10 each, along with an offer for sale (OFS) of about 26.58 crore shares by existing shareholders.

The bidding window will open on Monday, October 6, 2025, and close on Wednesday, October 8, 2025. Anchor investors will get an early entry on Friday, October 3, 2025.

Valuation and Size of the IPO

The Tata Group is eyeing a post-money equity valuation of nearly $16.5 billion. The total IPO size, combining the fresh issue and OFS, is expected to be around $1.85 billion (₹16,400 crore).

Market reports suggest that Life Insurance Corporation of India (LIC) is likely to participate significantly in the anchor investor portion, boosting investor confidence in the issue.

Shareholding and Stakeholders

Currently, Tata Sons holds the majority stake in Tata Capital. Other shareholders include International Finance Corporation (IFC), TMF Holdings Ltd, Tata Investment Corporation, Tata Motors, Tata Chemicals, Tata Power, and other group companies.

As per Reserve Bank of India (RBI) regulations, top-tier non-banking financial companies (NBFCs) such as Tata Capital are required to list by September 30, 2025. However, the company recently secured a short extension from the regulator, paving the way for this October launch.

Journey Towards the IPO

Tata Capital’s path to the stock market has been closely tracked. Earlier this year, the company confidentially pre-filed draft papers with SEBI. Reports from March indicated that the firm appointed 10 leading investment banks, including Kotak Mahindra Capital, Citi, Axis Capital, JP Morgan, HSBC Securities, ICICI Securities, IIFL Capital, BNP Paribas, SBI Capital, and HDFC Bank, to advise on the mega listing.

With strong investor interest, a robust anchor book, and Tata Group’s brand reputation, Tata Capital’s IPO is expected to be one of the most high-profile listings in India’s financial sector.