India's biggest IPO of 2025 now open: Should you subscribe?
What's the story
Tata Capital, a leading financial services provider in India, has launched its initial public offering (IPO) today. The ₹15,511 crore offer is priced at ₹310-326 per share and will remain open for subscription until Wednesday. The company's shares are expected to be listed on October 13. This is India's largest IPO of 2025, surpassing HDB Financial's ₹12,500 crore issue earlier this year.
Offer details
IPO comprises a fresh equity issue worth ₹6,846 crore
The Tata Capital IPO comprises a fresh equity issue worth ₹6,846 crore and an Offer for Sale (OFS) from promoters Tata Sons and International Finance Corporation (IFC), worth ₹8,665 crore. Ahead of the IPO, the company had already allotted shares worth ₹4,642 crore to 68 anchor investors including LIC, Goldman Sachs, Nomura and Morgan Stanley, among others.
Analyst views
Brokerages divided on Tata Capital's IPO
Aditya Birla Capital and Anand Rathi have both suggested a "subscribe for long-term" rating, citing the company's strong brand trust and diversified loan portfolio. Canara Bank Securities also gave a "subscribe" rating, highlighting the company's profitability since 2007 and its strong position in India's growing NBFC sector. However, Deven Choksey Research rated it as "neutral," saying that while the company could scale its loan book at a healthy pace, its returns are lower than other listed NBFCs.
Business model
SBI Securities bullish on Tata Capital shares
Incorporated in 2007, Tata Capital offers a wide range of financial products and services to retail, corporate, and institutional clients. As of June 2025, its assets under management stood at ₹2.33 trillion, serving 73 million customers. SBI Securities said at the upper end of their marketed range Tata Capital shares could still be a bargain at three times book value.