Tata Capital, one of India’s leading NBFCs, is set to raise USD 2 billion (₹17,200 crore) through its much-anticipated IPO in the last week of September 2025, eyeing a valuation of around USD 11 billion. The listing is expected by September 30.

As per its updated DRHP, the issue will comprise 47.58 crore shares—a fresh issue of 21 crore shares and an OFS of 26.58 crore shares, with Tata Sons divesting 23 crore shares and IFC selling 3.58 crore shares. Proceeds will be used to strengthen Tier-1 capital and support future lending growth.

If successful, this would be India’s largest financial sector IPO and the Tata Group’s second listing in recent years after Tata Technologies. The move aligns with RBI’s mandate requiring upper-layer NBFCs, such as Tata Capital, to list within three years of classification.

Financially, Tata Capital has delivered strong growth with a loan book of ₹2.26 lakh crore (CAGR 37% FY23–FY25) and profit of ₹3,646.6 crore in FY25 (10% CAGR). Asset quality remains stable with GNPA at 1.9% and NNPA at 0.8%, while Q1 FY26 profit more than doubled to ₹1,041 crore.

With its diversified portfolio, robust fundamentals, and strong parentage, Tata Capital’s IPO is expected to be one of the most closely watched offerings of 2025.