MUMBAI, Tata Capital Ltd’s highly anticipated US$1.7 billion initial public offering (IPO) has drawn strong interest from major global investors, including Goldman Sachs Group Inc, Morgan Stanley, and Nomura Holdings Inc, alongside leading Indian mutual funds and insurers.
According to an exchange filing, the company has allocated shares worth 46.4 billion rupees (US$523 million) to anchor investors ahead of its public offering, which opens for subscription today.
Bombay Stock Exchange (BSE) in Mumbai, India, April 7, 2025.
Among the largest participants was Life Insurance Corp of India (LIC), which secured 15% of the total anchor shares. Other prominent domestic investors include ICICI Prudential Asset Management Co, HDFC Asset Management Co, Aditya Birla Sun Life Asset Management Co, DSP Asset Managers Pvt, and Whiteoak Capital.
Tata Capital allotted 142.4 million shares to the anchor investors at 326 rupees per share, with strong demand from domestic institutional investors reflecting high confidence in the lender’s growth prospects.
The listing, which could value Tata Capital at up to 1.4 trillion rupees, is poised to be India’s largest IPO since Hyundai Motor India Ltd’s US$3.3 billion debut last year.
The offering will comprise up to 475.8 million new and existing shares from Tata Capital, its parent company, and the International Finance Corp. The IPO is open to the public from today through Wednesday, with shares priced between 310 and 326 rupees apiece.
The robust anchor participation and scale of the listing highlight investor optimism about India’s expanding financial services sector — and position Tata Capital as one of the most closely watched listings in what could be a record month for IPO activity in the country.
