Tata Capital concludes IPO roadshows, positions itself as NBFC green leader

Tata Capital IPO Roadshows Highlight $18 Billion Valuation and Green Finance Leadership.

Expert Analysis:

• IPO Valuation and Timing: Tata Capital concluded global and domestic roadshows ahead of its IPO, with shares valued at $18 billion. The issue, expected before the month-end, is the largest IPO of 2025, strengthening its NBFC leadership.

• Cleantech Loan Book Growth: The cleantech gross loan book reached ₹18,000 crore in FY25, rising from ₹10,400 crore in FY23, marking a 31.8 per cent CAGR over two fiscals, as per its updated DRHP.

• Stake Sale by Parent: Tata Sons, holding a 93 per cent stake, is expected to dilute part of its ownership through the IPO, unlocking significant value.

• Green Finance Track Record: Tata Capital financed over 500 renewable projects, sanctioning more than 22,400 Mw clean energy capacity, positioning it as India’s leading NBFC in green financing.

• Low NPAs and Strategic Partnerships: The company maintains one of the lowest NPAs in the segment, supported by global partnerships that mobilise international climate capital into Indian renewable projects.

• Sector Context: India’s net-zero by 2070 requires huge capital flows, supported by commitments such as $1.5 billion from the World Bank and government’s affordable funding push.