Offer Structure
- Fresh Issue: Around 21 crore new shares will be issued.
- Offer for Sale (OFS): About 26.58 crore shares will be sold by Tata Sons (approx. 23 crore shares) and International Finance Corporation (about 3.58 crore shares).
- Total Shares in IPO: Nearly 47.58 crore shares (face value ₹10 each).
- Estimated Size of Issue: Between ₹15,000 crore and ₹17,400 crore, with most estimates around ₹17,000 crore.
Snapshot Table
| Detail | Information |
|---|---|
| Fresh Issue | ~21 crore shares |
| Offer for Sale | ~26.58 crore shares (Tata Sons & IFC) |
| Total Shares | ~47.58 crore |
| Estimated Issue Size | ₹15,000–17,400 crore |
| Net Profit (FY25) | ₹3,665 crore |
| Revenue (FY25) | ₹25,000–28,000 crore |
| Loan Book | ₹2.26 lakh crore |
| Branches | ~1,500 |
| RBI Listing Deadline | September 2025 |
| Expected Valuation | ₹90,000 crore ($11 billion) |
| Likely IPO Date | Late September 2025 |
| Lead Managers | Kotak, Axis, ICICI Sec, HDFC, SBI Cap, Citi, BNP, HSBC, JP Morgan, others |
| Registrar | MUFG Intime India Pvt. Ltd. |
Purpose of the Issue
- The funds raised from the fresh issue will be used to strengthen the company’s Tier-I capital base.
- This will support lending growth and also cover IPO-related costs.
- The OFS portion will allow existing shareholders, mainly Tata Sons and IFC, to partially reduce their stake.
Company Financials (FY 2024–25)
- Net Profit: Around ₹3,665 crore.
- Revenue: Between ₹25,000 crore and ₹28,000 crore.
- Loan Book: Approximately ₹2.26 lakh crore.
- Branches: Nearly 1,500 branches in 27 states and union territories.
Regulatory Requirement
- The Reserve Bank of India has categorised Tata Capital as an “upper-layer” NBFC.
- Such companies must be listed by September 2025, making this IPO a regulatory necessity as well as a growth step.
Valuation & Timeline
- The IPO is expected to value Tata Capital at nearly ₹90,000 crore (around $11 billion).
- Tentative launch is in the last week of September 2025, with listing likely by the end of the month.
Concerns Around Pricing
- Analysts point out that valuations in the unlisted market have softened recently.
- A rights issue was also conducted earlier, which makes investors sensitive to IPO pricing.
- Hence, the company may need to keep pricing attractive to ensure good subscription.
Managers of the Issue
- Leading investment banks and financial institutions such as Kotak Mahindra Capital, Axis Capital, ICICI Securities, HDFC Bank, SBI Capital, Citi, BNP Paribas, HSBC, JP Morgan, and others will manage the book.
- MUFG Intime India Pvt. Ltd (earlier Link Intime) will act as the registrar.
For allotment status go to https://ipostatus.kfintech.com/ or https://www.bseindia.com/static/investors/application_statuschecksystem.aspx
