Cyril Amarchand Mangaldas advised the Company and Tata Sons on the initial public offering of equity shares of Tata Capital Limited (“Offer”). The total Offer size was approximately Rs. 15,511.87 crores, comprising a fresh issue of Rs. 6,846.00 crores and an offer for sale by Tata Sons and International Finance Corporation aggregating to Rs. 8,665.87 crores.
IPO Highlights (as of date):
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Largest ever IPO by the Tata group
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Largest ever IPO in India by a non-banking financial company
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4th largest IPO ever in India
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Largest IPO of 2025
The equity shares of the Company were listed on the stock exchanges on October 13, 2025.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), J.P. Morgan India Private Limited, SBI Capital Markets Limited, HDFC Securities Limited, Investec Capital Services (India) Private Limited, Kotak Securities Limited and SBICAP Securities Limited acted as underwriters to the 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.
Bharath Reddy (Partner), with support from Dipti Khatri (Principal Associate) and Associates Mayank Jain and Aarav Prasad advised on ESOP related matters.
Vasudha Goenka (Partner), Nandita Menon (Partner), with support from Arnav Misra (Senior Associate) and Kushal Tekriwal (Associate) advised on debt securities’ related matters.
Rutu Gandhi (Partner), with support from Pratiksha Arekar (Senior Associate) and Aastha Vyas (Associate) advised on securities compliance matters.
Cyril Shroff (Managing Partner) provided strategic guidance.