Tata Capital Limited has launched an initial public offering (IPO) aggregating to approximately ₹15,511.87 crore, comprising a fresh issue of equity shares and an offer for sale by Tata Sons Private Limited and International Finance Corporation (IFC).

This is the largest IPO ever by a non-banking financial company (NBFC) in India, the 4th largest IPO in the country overall, and the largest IPO in 2025 to date.

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Tata Capital provides a range of financial services—commercial finance, infrastructure finance, clean-tech finance, and wealth management—catering to retail, corporate, and institutional segments.

Legal Advisory & Deal Teams

Cyril Amarchand Mangaldas (Issuer & Promoter Counsel)

CAM advised Tata Capital and Tata Sons Private Limited (promoter selling shareholder) on this IPO.

Core Transaction Team:

• Yash J. Ashar, Senior Partner (Lead)

• Devaki Mankad, Partner (Regional Co-Head, Capital Markets – West)

• Jhalak Shah, Principal Associate

• Tanushri More, Senior Associate

• Sakshi Sharma, Associate

• Hitesh Nagpal, Associate

• Neha Sharma, Associate

• Archit Jain, Associate

• Akshat Sharma, Associate

Specialized Support Teams:

ESOP / Incentive Matters:

• Bharath Reddy, Partner;
• Dipti Khatri, Principal Associate;
• Mayank Jain, Associate;
• Aarav Prasad, Associate

Debt Securities / Hybrid Instruments:

• Vasudha Goenka, Partner;
• Nandita Menon, Partner;
• Arnav Misra, Senior Associate;
• Kushal Tekriwal, Associate

Securities Compliance / Listing Regulations:

• Rutu Gandhi, Partner;
• Pratiksha Arekar, Senior Associate;
• Aastha Vyas, Associate

Strategic Oversight:

• Cyril Shroff, Managing Partner (guidance role)

AZB & Partners (Counsel to the BRLMs)

AZB & Partners acted as legal counsel to the Book Running Lead Managers on the IPO.

Core AZB Team:

• Varoon Chandra, Senior Partner

• Lionel D’Almeida, Partner

• Sweta Ananthanarayanan, Partner

Latham & Watkins (International Counsel to Issuer)

Latham & Watkins served as international legal counsel to Tata Capital on global structuring, cross-border documentation, and foreign regulatory aspects.

Sidley Austin (International Counsel to BRLMs)

Sidley Austin LLP acted as international counsel to the Book Running Lead Managers, advising on global underwriting, cross-border investor disclosures, and regulatory compliance in overseas jurisdictions.

Strategic Significance

• The magnitude of this IPO underscores strong market confidence in India’s NBFC and financial services sector. As the largest NBFC IPO ever, it raises the bar in terms of scale, regulatory complexity, and institutional participation.

• For Tata Capital, the IPO will provide significant capital for growth, deleveraging, and expansion of lending and non-lending financial services.

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Disclaimer

This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions