Tata Capital Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹326
Per ShareLot Size
46 Shares
Minimum Investment
₹14,996
Issue Size
₹15,511.87 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Tata Capital Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
95.6%
Promoter Holding (Post-Issue)
85.41%
Issue Type
Book Building
ISIN
INE976I01016
About the Company
We are the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited. Since the commencement of our lending operations in 2007, we have served 7.3 million customers up to June 30, 2025. Our Company is categorized as an Upper Layer NBFC by RBI. Through our comprehensive suite of 25+ lending products, we cater to a diverse customer base comprising salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates. Additionally, we distribute third-party products viz. insurance and credit cards, offer wealth management, and act as sponsor and investment manager to PE funds.
Industry Overview
According to the CRISIL Report, NBFCs have shown remarkable resilience and gained importance in the financial sector ecosystem, growing from less than Rs.2 trillion AUM at the turn of the century to Rs.48 trillion at the end of Fiscal 2025 (section 4.3, page 38). NBFC credit growth has historically trended above India's GDP growth and is expected to continue rising at a faster pace. Going forward, CRISIL projects NBFC credit to grow at 15-17% between Fiscal 2025 and Fiscal 2028, driven by growth across retail, MSME and corporate segments.
Company History
Our Company was incorporated as `Primal Investments & Finance Limited' as a public limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated March 8, 1991, issued by the Additional Registrar of Companies, Maharashtra at Bombay and commenced its operations pursuant to a certificate for commencement of business dated April 1, 1991, issued by the Additional Registrar of Companies, Maharashtra at Bombay. Subsequently, the name of our Company was changed to `Tata Capital Limited' and a fresh certificate of incorporation consequent to name change dated May 8, 2007, issued by the Registrar of Companies, Maharashtra at Mumbai.
Products & Services
- The Company is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited. The Company is categorized as an Upper Layer NBFC by RBI.
Growth Strategy
- Continue our growth trajectory by enhancing our product offerings and strengthening our distribution network.
- Continue to strengthen our risk management framework, credit underwriting and collections infrastructure to maintain high asset quality.
- Continue to leverage technology and data analytics across the lending value chain to enhance efficiency, reduce costs, improve customer experience and manage risks.
- Continue to maintain our credit ratings and a diversified liability mix to optimise our borrowing costs.
- Continue to attract, train and retain talented employees.
- Harness our merger with TMFL to become a full-stack provider of vehicle finance, while leveraging our capabilities towards superior business outcomes.
Customer Base
The Company caters to a diverse customer base comprising salaried and self-employed individuals, entrepreneurs, small businesses, small and medium enterprises and corporates.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 475,824,280 equity shares of face value of Rs.10/- each ("Equity Shares") of Tata Capital Limited (the "Company" or the "Company") for cash at a price of Rs.326.0 per equity share (Including a Premium of Rs.316.0 Per Equity Share) ("Offer Price") aggregating to Rs.15511.87 Crores (the "Offer") comprising a fresh issue of 210,000,000 equity shares of face value of Rs.10/- each aggregating to Rs. 6846.00 Crores (the "Fresh Issue") and an offer for sale of 265,824,280 equity shares of face value of Rs.10/- each aggregating to Rs.8665.87 Crores (the "Offer for Sale"), consisting of 230,000,000 equity shares of face value of Rs.10/- each aggregating up to Rs.7498 Crores by Tata Sons Private Limited ("Promoter Selling Shareholder") and 35,824,280 equity shares of face value of Rs.10/- each aggregating to Rs.1167.87 Crores by international finance corporation ("Investor Selling Shareholder") (The Promoter Selling Shareholder Along With the Investor selling Shareholder, Collectively Referred to as the "Selling Shareholders" and Such Equity Shares, the "Offered Shares"). This offer included a reservation of 1,200,000 equity shares of face value of Rs.10/- each aggregating to Rs. 39.12% Crores for subscription by eligible employees (The "Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 11.2% of the post-offer paid-up equity share capital of the company, respectively. Price Band: Rs. 310/- to Rs. 326/- for equity share of face value of Rs. 10 each. The floor price is 31.0 times times the face value and cap price is 32.60 times of the face value of the equity shares. Bids can made for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Flagship financial services company of the Tata Group, with a legacy of over 150 years.
- Third largest diversified NBFC in India, with the most comprehensive lending product suite.
- Omni-channel distribution model, comprising our pan-India branch network, partnerships and digital platforms.
- Prudent risk culture and credit underwriting and collections capabilities, resulting in stable asset quality.
- Digital and analytics at the core of our business, driving high quality experience and business outcomes.
- The company's Gross Stage 3 Loans comprised 2.1%, 1.7%, 1.9%, 1.5% and 1.7% of its Total Gross Loans as at June 30, 2025, June 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, respectively. Non-payment or default by its customers may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company's provision coverage ratio was 53.9%, 63.5%, 58.5%, 74.1% and 77.1% as at June 30, 2025, June 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, respectively. The company's inability to provide adequate provisioning coverage for non-performing assets may adversely affect its business, results of operations, cash flows and financial condition.
- Unsecured Gross Loans comprised 20.0%, 22.4%, 21.0%, 24.5% and 23.1% of its Total Gross Loans as at June 30, 2025, June 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, respectively. Failures to recover such receivables in a timely manner or at all may adversely affect the company's business, results of operations, cash flows and financial condition.
- Changes in the company's loan-mix may adversely affect its financial metrics and asset quality, which could adversely affect the company's business, financial condition, results of operations and cash flows.
- Secured Gross Loans comprised 80.0%, 77.6%, 79.0%, 75.5% and 76.9% of the company's Total Gross Loans as at June 30, 2025, June 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, respectively. The company is exposed to potential losses in connection with recovery of the value of security or enforcement of collaterals.