Tata Capital's IPO is set to open for subscription on October 6, 2025, and will close on October 8, 2025, making it the largest IPO of the year and in the Tata Group's history. The company has fixed the price band at ₹310–₹326 per share, with a minimum lot size of 46 shares.
This IPO is stated to be one of the largest financial sector IPOs targeting to raise around 18,000 crore (2 billion) and is looking to achieve a valuation of USD 15 billion. The IPO comprises up to 47.58 crore equity shares, including a fresh issue of 21 crore shares and an Offer for Sale of 26.58 crore shares, with Tata Sons selling up to 23 crore shares and IFC offloading up to 3.58 crore shares. The IPO aims to augment Tata Capital’s Tier‑I capital base to meet future capital requirements and support continued lending growth.
A Bit About Tata Capital
With over 70 lakh customers, Tata Capital is a well-known NBFC in India. Incorporated in 2007, Tata Capital now stands at a net worth of 32,562 Cr as of March 2025. The upcoming Tata Capital IPO is expected to provide investors with an opportunity to participate in one of the most trusted names in India’s financial sector. With the help of the Tata Brand tag, it caters to a wide range of financial services, which include wealth management, consumer loans for various purposes and of course, business financing. As a result of the upcoming IPO, the Indian Financial Scenario is going to change drastically, as it will give both foreign and domestic investors an opportunity to get into the one of the most amazing NBFC of India.
Tata Capital opted for a public listing to comply with RBI’s “Upper Layer” NBFC classification requirement of listing within three years and to strengthen its Tier‑1 capital, supporting future lending growth.
Company Financials
Tata Capital Ltd. Financial Information (Restated Consolidated)
Tata Capital Ltd.'s revenue increased by 56% and profit after tax (PAT) rose by 10% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
| Assets |
₹2,48,465.01 Cr. |
₹1,76,693.98 Cr. |
₹1,35,626.10 Cr. |
| Total Income |
₹28,369.87 Cr. |
₹18,198.38 Cr. |
₹13,637.49 Cr. |
| Profit After Tax |
₹3,655.02 Cr. |
₹3,326.96 Cr. |
₹2,945.77Cr. |
| EBITDA |
₹20,338.22 Cr. |
₹14,247.76 Cr. |
₹10,763.22 Cr. |
| Total Borrowing |
₹2,08,414.93 Cr. |
₹1,48,185.29 Cr. |
₹1,13,335.91 Cr. |
Key Strength
- Tata Group, being one of the most trusted and biggest conglomerates, Tata Capital instantly enjoys easier access to public funding and also stronger confidence and credibility among the customers.
- With 1,496 branches spread across 1,102 sites nationwide as of March 2025, Tata Capital offers a strong physical and digital service strategy by utilising partnerships and a strong online presence.
- Since its inception in 2007, Tata Capital has generated profits that have held up well during economic downturns and maintained a good capital adequacy ratio of 16.9% (FY25), which is significantly higher than the required level.
- As of FY25, all major domestic credit rating agencies consistently rated Tata Capital as "AAA stable." Tata Capital maintains low borrowing costs and improves its financial strength with a good credit profile and a diversified borrowing base.
Risks Associated with the Listing
The gross Stage 3 bad loans have increased from 1.5 % to 1.9 % in FY25. Apart from that, the provision coverage ratio has decreased from 77.1% to 58.5% reducing the cushion against such defaults. On the same hand, unsecured loans make up almost 21 % of the total book, which indirectly carries a huge risk of default and loss.
Since Retail finance constitutes a large portion of Tata Capital’s Loan Portfolio, almost 62.3%, there is an inevitable segment specific risk as any change in behaviour or slowdown in spending could affect the repayment behaviour. This can potentially affect the company's health.
About the Board and Leadership
Rajiv Sabharwal, Managing Director and CEO of Tata Capital, possesses over 29 years of expertise in banking and financial services. He holds the position of Chairman at Tata Capital Housing Finance, Tata Securities, and Tata Asset Management, and is a board member of various other Tata Group firms.
Saurabh Agrawal, the Chairman and Non-Executive Director, delivers strategic financial leadership from the parent Tata Group, augmenting governance and monitoring. Among Tata Capital’s six independent directors are Mr. Nagaraj Ijari, Mr. Ramanathan Viswanathan, and Ms. Geetha Ravichandran, who provide oversight and governance alongside the rest of the board.