Sidley advised the book running lead managers and underwriters Kotak Mahindra, Axis Capital, BNP Paribas, Citi, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, J.P. Morgan, and SBI Capital Markets, on the landmark initial public offering (IPO) of Tata Capital Limited and its listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
At US$1.75 billion, this is India’s largest IPO of 2025, the largest-ever public offering by a non-banking financial company (NBFC) in India, and the fourth-largest IPO in Indian history.
Tata Capital is the flagship financial-services arm of the Tata Group and one of India’s leading diversified NBFCs. As of June 2025, the company manages a robust loan book of approximately US$26.3 billion, and offers more than 25 lending products across retail, small and medium enterprises (SME), and corporate segments. In addition to the lending business, Tata Capital has non-lending businesses which comprise (i) distribution of third-party products such as insurance and credit cards, (ii) wealth management services, and (iii) private equity business, wherein it is currently focused on two themes, growth and healthcare.
The Sidley team was led by Manoj Bhargava, and included Rachna Talati, Dhanush Dinesh, Valerie Ching, and Sanketh Hareesh Kumar (all Singapore), with support from Daniel O’Shea, Carla G. Teodoro, Nicholas R. Brown, Alvin Wang, Michael H. Sliskovich, Theo Sawkins (all New York), and Noel Li (London).
