Tata Capital Ltd., the non-banking financial company is likely to launch its $2 billion initial public offering early next month (October), Bloomberg reported on Thursday. The non-banking financial company's offer will see Tata Sons Pvt. selling up to 23 crore shares, while International Finance Corp. will be looking to offload another 3.58 crore shares.
The company will also issue up to 21 crore shares via a primary raise. This marks the second IPO for Tata group in recent years, following the debut of Tata Technologies in November 2023. Notably, once the IPO debuts it will become the largest public issue in India's financial sector.
The Tata company filed its DRHP with SEBI on August 4, 2025. For the quarter ending June 2025, the company reported a consolidated net profit to Rs 1,040.93 crore. In the same quarter last year, the IPO-bound company had reported a profit of Rs 472.21 crore.
Total income rose to Rs 7,691.65 crore for the quarter under review from Rs 6,557.40 crore in the April-June quarter of FY2025. The company has not yet set a price band for its initial public offering but, the grey market price for the company's stock last month was trading near Rs 775.
However, the actual IPO price could likely be set lower, mirroring the trajectory of other recent high-profile IPOs. HDB Financial Services, which had an unlisted price of Rs 1,550, debuted with a price band of Rs 700-740, and NSDL, trading at Rs 1,275 in the grey market, set its IPO band between Rs 700-800.
Tata Capital IPO is being undertaken in line with the Reserve Bank of India's (RBI) listing mandate for upper-layer NBFCs, which requires them to be listed within three years of classification. Tata Capital was designated as an upper-layer NBFC in September 2022.
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