Tata Capital Limited has made an initial public offering aggregating to ~₹15,511.87 crores, comprising a fresh issue of equity shares and an offer for sale by Tata Sons Private Limited and International Finance Corporation.
Cyril Amarchand Mangaldas advised the issuer Tata Capital and the Promoter Selling Shareholder Tata Sons on this IPO.
The transaction team was led by Yash J Ashar (Senior Partner) and Devaki Mankad (Partner, Regional Co-Head - Capital Markets - West), with support from Jhalak Shah (Principal Associate), Tanushri More (Senior Associate), and Associates Sakshi Sharma, Hitesh Nagpal, Neha Sharma, Archit Jain and Akshat Sharma.
The transaction team was also assisted by Bharath Reddy (Partner), Dipti Khatri (Principal Associate) and Associates Mayank Jain and Aarav Prasad on ESOP related matters; Vasudha Goenka (Partner), Nandita Menon (Partner), Arnav Misra (Senior Associate) and Kushal Tekriwal (Associate) on debt securities’ related matters; and Rutu Gandhi (Partner), Pratiksha Arekar (Senior Associate) and Aastha Vyas (Associate) on securities compliance matters.
Cyril Shroff (Managing Partner) provided strategic guidance.
Latham & Watkins served as the international legal counsel for Tata Capital on this IPO.
TT&A advised the investor selling shareholder International Finance Corporation on this IPO.
The transaction team consisted of Gautam Saha (Joint Managing Partner), Abhinav Kumar (Partner), Punita Gupta (Partner), Shubham Sancheti (Managing Associate), Ayana Banerjee (Senior Associate) and Abhilasha Gupta (Senior Associate).
AZB & Partners advised the Book Running Lead Managers on this IPO.
The transaction team was led by Varoon Chandra (Senior Partner), with support from Partners Lionel D'Almeida and Sweta Ananthanarayanan.
Sidley Austin served as the international legal counsel to the BRLMs.
Tata Capital offers fund and fee-based financial services to its customers. The NBFC caters to the diverse needs of retail, corporate and institutional customers, across various areas of business namely the Commercial Finance, Infrastructure Finance, Cleantech Finance, Wealth Management.
This is the largest ever IPO in India by a non-banking financial company, 4th largest IPO ever in India and the largest IPO of 2025 as of date.
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