Tata Capital is planning to raise $2 billion (Rs 17,200 crore) through an initial public offering (IPO) in the week of September 22, aiming for a valuation of about $11 billion, according to a report on Sunday. The non-banking financial company is expected to list by September 30.
PTI reported that the IPO will comprise 47.58 crore shares, including a fresh issue of 21 crore equity shares and an offer for sale of 26.58 crore shares. Tata Sons will sell 23 crore shares, while International Finance Corporation (IFC) will offload 3.58 crore. Tata Sons currently owns 88.6% of Tata Capital, and IFC holds 1.8%.
Proceeds from the share sale will strengthen the company’s Tier-1 capital base and support future lending needs, PTI said. If completed, the deal would be the largest public issue in India’s financial sector and the Tata Group’s second listing in recent years, following Tata Technologies’ debut in November 2023.
The IPO also aligns with a Reserve Bank of India mandate requiring upper-layer non-bank lenders to go public within three years of classification. Tata Capital received the designation in September 2022.
Tata Capital’s gross loans stood at Rs 2.26 lakh crore as of March 2025, reflecting a 37% compound annual growth rate (CAGR) between FY23 and FY25. Profit after tax rose to Rs 3,646.6 crore in FY25, up from Rs 3,029.2 crore in FY23. Asset quality remained stable, with gross bad loans at 1.9% and net bad loans at 0.8%.
The company posted a net profit of Rs 1,041 crore in the June quarter of FY26, more than double the year-earlier figure. Total income climbed to Rs 7,692 crore from Rs 6,557 crore.
Founded in 2007, Tata Capital has served over seven million customers. It also distributes insurance and credit cards, manages wealth services, and sponsors private equity funds.
The stock is currently trading around Rs 795 in the unlisted market, down from Rs 865 a month ago and 27.4% below its October 2024 peak of Rs 1,095, according to UnlistedZone.
A wide syndicate of banks is managing the issue, including Axis Capital, Kotak Mahindra Capital, BNP Paribas, HDFC Bank, HSBC Securities and Capital Markets (India), Citigroup Global Markets India, ICICI Securities, IIFL Capital Services, SBI Capital Markets, and JP Morgan India.
PTI reported that the IPO will comprise 47.58 crore shares, including a fresh issue of 21 crore equity shares and an offer for sale of 26.58 crore shares. Tata Sons will sell 23 crore shares, while International Finance Corporation (IFC) will offload 3.58 crore. Tata Sons currently owns 88.6% of Tata Capital, and IFC holds 1.8%.
Proceeds from the share sale will strengthen the company’s Tier-1 capital base and support future lending needs, PTI said. If completed, the deal would be the largest public issue in India’s financial sector and the Tata Group’s second listing in recent years, following Tata Technologies’ debut in November 2023.
The IPO also aligns with a Reserve Bank of India mandate requiring upper-layer non-bank lenders to go public within three years of classification. Tata Capital received the designation in September 2022.
Tata Capital’s gross loans stood at Rs 2.26 lakh crore as of March 2025, reflecting a 37% compound annual growth rate (CAGR) between FY23 and FY25. Profit after tax rose to Rs 3,646.6 crore in FY25, up from Rs 3,029.2 crore in FY23. Asset quality remained stable, with gross bad loans at 1.9% and net bad loans at 0.8%.
The company posted a net profit of Rs 1,041 crore in the June quarter of FY26, more than double the year-earlier figure. Total income climbed to Rs 7,692 crore from Rs 6,557 crore.
Founded in 2007, Tata Capital has served over seven million customers. It also distributes insurance and credit cards, manages wealth services, and sponsors private equity funds.
The stock is currently trading around Rs 795 in the unlisted market, down from Rs 865 a month ago and 27.4% below its October 2024 peak of Rs 1,095, according to UnlistedZone.
A wide syndicate of banks is managing the issue, including Axis Capital, Kotak Mahindra Capital, BNP Paribas, HDFC Bank, HSBC Securities and Capital Markets (India), Citigroup Global Markets India, ICICI Securities, IIFL Capital Services, SBI Capital Markets, and JP Morgan India.
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