CAM, AZB, Latham, Sidley drive Tata Capital’s record 15k cr IPO - largest in 2025 so far

A cameraman records a video in front of the Tata Capital logo during the listing ceremony of its Initial Public Offering (IPO) at the National Stock Exchange (NSE) in Mumbai, India, October 13, 2025. REUTERS/Francis Mascarenhas

Cyril Amarchand Mangaldas and Latham & Watkins advised Tata Capital on its initial public offering, with an offer size aggregating to INR 15,511.87 crores, which makes it the largest IPO on India’s busy bourses in 2025 so far. AZB & Partners and Sidley Austin advised the book running lead managers to the deal. CAM advised promoters Tata Sons on the deal.

The listing is also the largest ever IPO by the Tata group and by an NBFC, and the fourth largest IPO ever in India.

The IPO received muted market responses, a rarity for the legacy Tata Group.

Tata Capital, the flagship financial services company of the Tata group, is the third largest diversified NBFC in India in terms of the total gross loans.

CAM’s capital markets team was led by senior partner Yash J Ashar, and included partner Devaki Mankad, principal associate Jhalak Shah, senior associate Tanushri More, and associates Sakshi Sharma, Hitesh Nagpal, Neha Sharma, Archit Jain, and Akshat Sharma.

They were assisted by partners Bharath Reddy (ESOP); Vasudha Goenka and Nandita Menon (debt securities’ related matters); and Rutu Gandhi (securities compliance matters). Managing partner Cyril Shroff provided strategic guidance on the deal.

AZB’s capital markets team was led by senior partner Varoon Chandra, and partners Lionel D'Almeida and Sweta Ananthanarayanan.