Tata Capital IPO to Open on October 6, Biggest Initial Public Offering of 2025

The wait for the Tata Capital IPO is about to end. According to reports, the Initial public offering (IPO) of Tata Capital will open on October 6 and close on October 8, 2025, while the bidding process for anchor investors will begin on October 3. However, the company has not yet announced the issue price. The IPO size is estimated at Rs 17,200 crore.

According to the company's Updated Draft Red Herring Prospectus (UDRHP), 21 crore new shares will be issued in the IPO, while 26.58 crore shares will be sold through an Offer for Sale (OFS). Thus, a total of 47.58 crore shares will be available in the market. Under the OFS, promoter Tata Sons Private Limited will sell 23 crore shares, while investor International Finance Corporation (IFC) will sell 3.58 crore shares.

The book-running lead managers for this IPO include Kotak Mahindra Capital, Axis Capital, BNP Paribas, HDFC Bank, HSBC Securities, ICICI Securities, IIFL Capital, JP Morgan India and SBI Capital Markets.

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Tata Capital's unlisted shares are under pressure ahead of the IPO. According to Unlisted Zone and Shareskart.com, these shares are currently trading at around Rs 735 per share, compared to Rs 1,125 in April—a decline of about 35%. Meanwhile, Wealth Wisdom is pricing them even lower at Rs 650.

According to Economic Times, Prashant Thakshe, Senior Vice President and Research Analyst at Mehta Equities, said that the recent decline is a result of pressure on the NBFC sector, broader market correction and investor caution. Tarun Singh, Founder and MD of Highbro Securities, added that the unlisted market is characterised by a lack of liquidity, which leads to large fluctuations in prices.