Tata Capital's Mega IPO: A Historic Financial Market Move
Tata Capital announces its Rs 15,512 crore IPO, marking the largest public issue in India's financial sector. The IPO, offering 47.58 crore shares, will open from October 6 to 8, 2023. The raised funds aim to strengthen the company's Tier-1 capital base, aiding future capital needs.
- Country:
- India
Tata Capital, a non-banking financial company, has unveiled the price band for its significant Rs 15,512 crore Initial Public Offering (IPO) at Rs 310-326 per share, setting a new benchmark as the largest issue of the year.
At peak valuation, the IPO places Tata Capital's worth at approximately Rs 1.38 lakh crore. The offering, comprising 47.58 crore shares, includes a fresh issue of 21 crore equity shares and an Offer For Sale (OFS) of 26.58 crore shares. Of the latter, Tata Sons plans to sell 23 crore shares, while the International Finance Corporation (IFC) will divest 3.58 crore shares.
The subsequent funds are earmarked for bolstering the company's Tier-1 capital base, empowering future growth and lending capabilities. The IPO also signifies Tata Capital's compliance with the Reserve Bank of India's mandate for upper-layer NBFCs, requiring them to be listed within three years of classification.
(With inputs from agencies.)
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