Tata Capital IPO

Tata Capital IPO is a book-built issue worth ₹15,511.87 crore. The issue consists of a fresh issue of 21.00 crore shares aggregating to ₹6,846.00 crore and an offer for sale of 26.58 crore shares aggregating to ₹8,665.87 crore. The IPO opens for subscription on October 6, 2025, and closes on October 8, 2025. The allotment is expected to be finalised on October 9, 2025, with tentative listing on BSE and NSE scheduled for October 13, 2025.

The IPO is priced in a band of ₹310 – ₹326 per share. Retail investors must apply for a minimum of 1 lot comprising 46 shares, requiring an investment of ₹14,996 at the upper price band. sNII investors must apply for a minimum of 14 lots (644 shares), amounting to ₹2,09,944, while bNII investors must apply for a minimum of 67 lots (3,082 shares), amounting to ₹10,04,732.

The price band and minimum bid lot will be announced at least two working days prior to the opening of the issue. The allocation will be made in accordance with SEBI ICDR Regulations, with reservations for QIBs, NIIs, RIIs, and eligible employees.

Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, Axis Capital Limited, ICICI Securities Limited, BNP Paribas, IIFL Capital Services Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, HDFC Bank Limited, and SBI Capital Markets Limited are the book-running lead managers to the issue. MUFG Intime India Private Limited is the registrar.

For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Tata Capital IPO RHP.

Industry Outlook

1. India’s non-banking financial company (NBFC) sector has evolved into a vital component of the financial ecosystem, complementing traditional banks in credit delivery. According to the CRISIL Report, NBFCs have grown from assets under management (AUM) of less than ₹2 trillion at the turn of the century to ₹48 trillion by the end of Fiscal 2025. This remarkable expansion highlights their increasing relevance in supporting retail, MSME, and corporate financing needs.
2. NBFC credit growth has historically outpaced India’s GDP growth and is expected to continue this trajectory. Between Fiscal 2025 and Fiscal 2028, CRISIL projects NBFC credit to expand at a compound annual growth rate (CAGR) of 15–17%. This growth is anticipated to be broad-based, with rising demand for personal loans, vehicle financing, housing finance, and MSME credit acting as the primary drivers.
3. The sector’s resilience was tested during periods of liquidity stress and economic slowdowns, yet NBFCs adapted through diversified funding sources, stronger governance, and technology-led customer engagement. Their agility compared to traditional banks has allowed them to serve underbanked segments, thereby deepening financial inclusion.
4. The competitive environment is dynamic, with large diversified NBFCs such as Bajaj Finance, Shriram Finance, Cholamandalam Investment and Finance, L&T Finance, and Tata Capital holding significant market presence. International credit ratings, with Tata Capital among only three Indian NBFCs rated “BBB” globally, also reinforce the sector’s credibility. Going forward, operational efficiency, prudent risk management, and digital adoption will be central to sustaining growth and competitiveness.

Tata Capital IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

1. Augment its Tier I capital base to strengthen overall financial capacity and support future business requirements. This includes funding for onward lending activities, thereby enabling the company to expand its lending portfolio across retail, corporate, and infrastructure financing segments.
2. Ensure adequate capital availability to maintain regulatory requirements and enhance the company’s ability to absorb growth-related risks. By reinforcing its balance sheet, Tata Capital aims to sustain operational resilience and remain competitive in the evolving non-banking financial services sector.
3. Provide long-term stability through the infusion of equity capital, which will help reduce reliance on borrowings and improve overall leverage ratios. Strengthening its capital adequacy position will also support credit ratings and investor confidence.
4. Support general corporate purposes, including strategic initiatives, operational improvements, and brand strengthening measures. These allocations will enable the company to pursue business opportunities in line with its growth strategy and deepen its market presence.

About Tata Capital Limited

Tata Capital Limited was originally incorporated as Primal Investments & Finance Limited, a public limited company under the Companies Act, 1956, on March 8, 1991. The company commenced business operations on April 1, 1991, following a certificate for commencement of business issued by the Registrar of Companies, Maharashtra at Bombay. Subsequently, its name was changed to Tata Capital Limited, and a fresh certificate of incorporation consequent to the change was issued on May 8, 2007, by the Registrar of Companies, Maharashtra at Mumbai.

The company operates as a diversified financial services provider, engaged in both lending and non-lending businesses. Its lending business caters to retail, SME, and corporate customers, while its non-lending activities include distribution of third-party products such as insurance and credit cards, wealth management services, and management of private equity funds. Tata Capital’s offerings are designed to address a wide spectrum of financial needs, enhancing its reach across consumer and institutional segments.

Over the years, Tata Capital has expanded its presence through organic growth as well as strategic mergers. Notably, the merger with Tata Motors Finance Limited in May 2025 consolidated its position in the commercial and passenger vehicle financing markets. This integration enabled the company to strengthen its portfolio of auto finance solutions, broaden its customer base, and improve geographic reach, making it one of India’s leading full-stack vehicle finance providers.

Headquartered at Peninsula Business Park, Lower Parel, Mumbai, Tata Capital operates across India with an extensive branch network. Backed by Tata Sons Private Limited as its promoter, the company benefits from the strong brand equity of the Tata Group. Its growth strategy focuses on maintaining financial inclusion, expanding digital capabilities, and delivering integrated financial solutions that align with India’s growing demand for credit and investment opportunities.

How To Check the Allotment Status of the Tata Capital IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Tata Capital IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Tata Capital IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Tata Capital IPO

Registered office: 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India.

Phone: +91 22 6606 9000

E-mail: investors@tatacapital.com

Tata Capital IPO Prospectus

• Tata Capital IPO DRHP
• Tata Capital IPO RHP

Tata Capital IPO Registrar and Lead Managers

Tata Capital IPO Lead Managers

• Kotak Mahindra Capital Company Limited
• HSBC Securities and Capital Markets (India) Private Limited
• Axis Capital Limited
• ICICI Securities Limited
• BNP Paribas
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
• Citigroup Global Markets India Private Limited
• P. Morgan India Private Limited
• HDFC Bank Limited
• SBI Capital Markets Limited

Registrar for Tata Capital IPO

MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

• Contact Number: +91 810 811 4949
• Email Address: ipo@in.mpms.mufg.com

Tata Capital IPO Registrar

Financial Performance of Tata Capital Limited

Know before investing

Strengths

5

1. Offers both fund-based and fee-based financial services across retail, corporate, and institutional segments.
2. Backed by Tata Sons Limited, leveraging the trusted Tata brand.
3. Led by seasoned professionals with deep expertise in financial services.
4. Comprehensive risk management systems across credit, market, and operational risks.
5. Positioned to benefit from India’s large-scale infrastructure development.

Risks

5

1. Inability to control non-performing assets may impact profitability and asset quality.
2. Exposure to borrower defaults, especially in SME and retail segments.
3. Short-term borrowings versus long-term lending may strain liquidity.
4. Interest rate fluctuations and economic downturns can affect margins.
5. System failures, fraud, or data breaches may disrupt operations.

Tata Capital IPO Peer Comparison