• Tata Capital aims to raise Rs 15,500 crore through its IPO.
• Price band set at Rs 310-Rs 326 per share; subscription open till Wednesday.
• IPO could make October a record month for Indian markets.

Tata Capital has opened subscriptions for its highly anticipated initial public offering (IPO), which is set to be the largest in India this year. The financial services arm of the Tata Group is looking to raise up to Rs 15,500 crore ($1.7 billion) by offering 47.58 crore shares in a price range of Rs 310 to Rs 326 per share. The IPO will close on October 8, and the shares are expected to list on the stock exchanges on October 13.

The offer includes both fresh shares and an offer-for-sale by Tata Sons and International Finance Corporation. The IPO values Tata Capital at nearly Rs 1.4 lakh crore ($15.7 billion), making it more than twice as valuable as some of its competitors in the sector.

Founded in 2007, Tata Capital provides a wide range of financial services to over 73 million customers across India, including retail, corporate, and institutional clients. As of June 2025, its assets under management stood at Rs 2.33 trillion.

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Analysts view Tata Capital as a strong long term play. Its business model is seen as resilient and growth oriented, with a well-diversified portfolio. Brokerage reports suggest the IPO is attractively priced when compared to industry peers like Bajaj Finance and Cholamandalam Finance.

This IPO also highlights a strong revival in India’s equity markets, despite global uncertainties. With over $11.2 billion already raised in 2025, India is the fourth largest IPO market globally. October alone may cross $5 billion in proceeds, setting a new monthly record.