India’s Biggest IPO in 2025? Tata Capital Eyes August Listing, Weak Dollar May Provide Support

TradingKey - According to a report by Bloomberg citing sources familiar with the matter, Tata Capital, the financial services arm of India’s largest conglomerate Tata Group, has received regulatory approval and is moving forward with its initial public offering (IPO), expected to raise up to $2 billion — potentially making it India’s largest IPO of 2025.

Sources said that Tata Capital is preparing for the listing and could launch its IPO as early as August this year.

Earlier reports indicated that parent company Tata Group aims to value the non-banking financial arm at around $11 billion.

Mirroring a recent rebound in the U.S. IPO market, India's new issuance market has also shown signs of warming up. Some analysts believe that although foreign inflows into Indian equities have been volatile recently, a weaker U.S. dollar and falling U.S. interest rates may help attract global capital back to emerging markets like India over the medium term.

Analysts added that increasing government emphasis on reviving consumption is expected to begin showing up in earnings across both discretionary and essential consumer sectors. Financial services and IT services are also seen as having strong growth potential.