Tata Capital, the non-banking financial arm of the Tata Group, has filed its final papers with SEBI for a major IPO expected to raise around ₹17,000 crore. The move aims to meet the Reserve Bank of India's October 2022 directive requiring large NBFCs to list by September 2025. The IPO will include a fresh issue of 210 million shares and an Offer for Sale (OFS) of 265.8 million shares, with Tata Sons offloading 230 million and the International Finance Corporation (IFC) selling 35.8 million. The fresh issue proceeds will be used to bolster capital for future lending.

Post-IPO, Tata Sons’ stake will reduce from 88.6% to 78.8%, though it will retain majority control. Tata Capital’s equity base will expand to 4.24 billion shares. As of March 2025, the company had total assets of ₹24.85 trillion and a gross loan book of ₹22.66 trillion, with operations across 1,496 branches in 1,100+ locations and serving 7 million customers.

This IPO, the first by a Tata entity since Tata Technologies' blockbuster 2023 listing, comes after the company received SEBI approval last month. The IPO is expected to be one of the largest in India’s financial sector this year, with Tata Capital classified as an "upper layer" NBFC under RBI norms.

The company recorded a record net profit of ₹3,150 crore in FY24, up 37% YoY. Tata Sons has infused ₹6,097 crore in capital into Tata Capital over the last five years, including ₹2,003 crore in FY24.