Tata Capital Ltd, the financial services arm of the Tata Group, has officially filed an updated Draft Red Herring Prospectus (DRHP) with Sebi for its highly anticipated USD 2 billion (Rs 17,000+ crore) IPO, as confirmed in its market filing on Monday.
IPO structure
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Total shares on offer: 47.58 crore equity shares (face value Rs 10 each).
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Fresh issue: 21 crore new shares to raise primary capital.
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Offer for Sale (OFS): 26.58 crore shares sold by existing shareholders.
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Breakdown: Tata Sons to divest 23 crore shares, IFC to offload 3.58 crore shares
IPO proceeds will be used to augment Tier I capital and support future lending operations, aligning with Tata Capital’s growth roadmap in the competitive NBFC space.
RBI listing mandate for upper-layer NBFCs
Tata Capital was designated as an upper-layer NBFC in September 2022, triggering an RBI rule requiring it to list publicly within three years, by September 2025. This IPO aligns with that regulatory deadline.
The filing followed Sebi’s approval of Tata Capital’s confidential DRHP earlier, securing regulatory clearance in July 2025
Financial snapshot
In FY 2024‑25, Tata Capital reported a post-tax profit of Rs 3,655 crore, up from Rs 3,327 crore in FY 2023‑24.
Revenue surged 57 per cent to Rs 28,313 crore, up from Rs 18,175 crore a year earlier.
As of March 2025, Tata Capital was among India’s top three diversified NBFCs with gross loans of approximately Rs 2,265.5 billion and a net worth of Rs 32,588 crore
A consortium of banks is managing the offering, including Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citi, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, SBI Capital, and JP Morgan India. MUFG Intime India has been appointed as registrar
What investors and market watchers should look for next
With compliance and internal approvals in place, all eyes now turn to the final pricing and listing timeline, likely in early-to-mid September.
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