Tata Capital Takes Orders for India’s Largest IPO of 2025 (1)

Tata Capital Ltd. started taking orders on Monday for an initial public offering that may raise as much as 155 billion rupees ($1.7 billion), India’s biggest listing this year, and putting the country’s hot IPO market on course for a record month.

The shadow lender’s shares, which are expected to start trading on Oct. 13, are being sold at 310 rupees to 326 rupees apiece until Wednesday, valuing the company at as high as 1.4 trillion rupees ($15.7 billion). That would value the Tata Group unit at more than twice the market capitalization of HDB Financial Services Ltd., which ...