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

IPO-bound Tata Capital begins global and domestic roadshows at $18 bn valuation, with its cleantech loan book surging to ₹18,000 crore and green finance at the centre of its pitch

Tata Capital, whose initial public offering (IPO) is upcoming, has concluded road shows across the world, including in India, with a valuation of its shares on offer at $18 billion.

 

The issue, expected before month-end, is the largest IPO of 2025, positioning Tata Capital as a key player in India’s diversified non-banking financial company (NBFC) space.

 

Bankers said the company is showcasing its green financing track record, during the roadshows, with its cleantech gross loan book crossing the ₹18,000 crore-mark in FY25, up from around ₹10,400 crore in FY23.

 

This reflects a compound annual growth rate of 31.8 per cent over two fiscals, according to the company’s updated DRHP. 

 

Tata Sons, which holds a 93 per cent stake in the company, is expected to sell part of its stake in its financial services company. Apart from this, the company has highlighted an aggressive entry into the home finance market during the road shows.

 

The NBFC has financed over 500 renewable projects, enabling sanction of more than 22,400 Mw of clean energy capacity. This growth positions Tata Capital as the leading NBFC in green financing in India.

 

Clean energy analysts say Tata Capital has maintained one of the lowest non-performing assets (NPAs) in the segment. Early entry into green finance has also helped the firm build global partnerships, channelling international climate capital into Indian renewable projects.

 

Analysts view the cleantech book as a differentiator for investors evaluating the IPO prospectus. “Tata Capital’s cleantech portfolio combines rapid growth with asset quality discipline. Its ability to mobilise purpose-led capital at scale gives it a structural advantage in India’s renewable ecosystem,” said a sector analyst.

 

India’s path to net-zero by 2070 will demand unprecedented levels of capital. Multilateral lenders such as the World Bank have already committed $1.5 billion to support the transition, while the government continues to push for affordable funding.