Non-bank lender Tata Capital has secured ₹46.42 billion ($523M) from anchor investors, including LIC and Norway’s sovereign wealth fund, as part of its $1.75B IPO, positioning it among India’s largest offerings this year.
LIC committed ₹7B, while Norway’s wealth fund received ₹1.25B worth of shares, allotted at the upper end of the ₹310–326 price band. The IPO opens for retail and other investors on October 6, with listing set for October 13.
Anchor investors, including ICICI Prudential, HDFC Funds, Motilal Oswal, and Nippon Life, will hold roughly 30% of the 475.8 million shares on offer. The IPO combines a fresh issue of 210 million shares and an offload of 265.8 million shares from existing shareholders, Tata Sons and IFC.
Tata Capital competes with Bajaj Finance, Shriram Finance, and L&T Finance, while India’s primary market is gearing up for a busy Q4, expected to raise $8B, including large-ticket deals like LG Electronics India and WeWork India Management.