NAME: Tata Capital's $1.7 billion IPO
LAW FIRMS: AZB & Partners, Cyril Amarchand Mangaldas, Latham & Watkins, Sidley Austin
JURISDICTION: India
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Banking and financial services
Tata Capital's Re155 billion ($1.7 billion) initial public offering (IPO) is our deal of the month for November.
Tata Capital, India's third-largest non-bank lender and the flagship financial services company of the Tata Group, has completed its Re155 billion IPO. This marks the country's largest offering in 2025. The transaction represents the largest-ever IPO by a non-banking financial company in India and the fourth-largest IPO in the country's history, coming during a robust October to December quarter expected to see $8 billion worth of fundraising activities.
This landmark offering signals the growing strength of India's non-banking financial sector and sets a new benchmark for financial services IPOs in the region, potentially paving the way for other large-scale listings in the sector.
Cyril Amarchand Mangaldas (CAM) and Latham & Watkins advised Tata Capital, with CAM's team led by senior partner Yash J Ashar and partner Devaki Mankad. AZB & Partners and Sidley Austin represented the bookrunning lead managers, with AZB's team headed by partners Varoon Chandra and Lionel D'Almeida, and Sidley's team led by Manoj Bhargava. CAM also separately advised Tata Sons, one of the existing shareholders.