Tata Capital is gearing up for a major stock market debut, with the Securities and Exchange Board of India (SEBI) granting approval to its confidential draft prospectus for an Initial Public Offering (IPO) estimated at ₹17,200 crore, according to an ET report. The Tata Group-owned financial services firm is expected to file its Red Herring Prospectus (RHP) by early July, with a potential company valuation of around $11 billion (₹91,000 crore).
The IPO will consist of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders. As per regulatory filings, Tata Capital submitted its pre-filed draft RHP dated April 5, 2025, in accordance with SEBI’s Issue of Capital and Disclosure Requirements Regulations. While the exact launch date remains unconfirmed, the IPO must be completed by September 2025 to comply with RBI norms for upper-layer NBFCs, which mandate public listing within three years of classification.
Tata Capital, categorized as an upper-layer NBFC in September 2022, aims to raise over $2 billion, potentially making this India’s largest-ever IPO in the financial services sector. This also marks Tata Group’s second public offering in recent years, following the successful listing of Tata Technologies in November 2023. The move aligns with Tata Capital’s compliance roadmap under the Reserve Bank of India’s listing requirements.
