Cyril Amarchand Mangaldas advised Tata Capital Limited and Tata Sons on IPO
The leading law firm in India, Cyril Amarchand Mangaldas acted as legal counsel to Tata Capital Limited (“Tata Capital”) and Tata Sons Private Limited (“Tata Sons”) on the initial public offering (“IPO”) of equity shares of Tata Capital. The total offer size was approximately Rs. 15,511.87 crore, comprising a fresh issue of Rs. 6,846.00 crore and an offer for sale by Tata Sons and International Finance Corporation aggregating to Rs. 8,665.87 crore.
IPO Highlights:
- Largest ever IPO by the Tata Group
- Largest ever IPO in India by a non-banking financial company
- 4th largest IPO ever in India
- Largest IPO of 2025
The equity shares were listed on the stock exchanges on 13 October 2025. Kotak Mahindra Capital Company Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, HDFC Securities Limited, Investec Capital Services (India) Private Limited, Kotak Securities Limited, and SBICAP Securities Limited acted as underwriters to the IPO.
The Cyril Amarchand Mangaldas team was led by Yash J Ashar (Senior Partner) and Devaki Mankad (Partner – Regional Co-Head, Capital Markets – West), with support from Jhalak Shah (Principal Associate), Tanushri More (Senior Associate), and associates Sakshi Sharma, Hitesh Nagpal, Neha Sharma, Archit Jain, and Akshat Sharma.
Bharath Reddy (Partner), supported by Dipti Khatri (Principal Associate) and associates Mayank Jain and Aarav Prasad, advised on ESOP-related matters. Debt securities matters were handled by Vasudha Goenka (Partner) and Nandita Menon (Partner), supported by Arnav Misra (Senior Associate) and Kushal Tekriwal (Associate). Securities compliance matters were led by Rutu Gandhi (Partner), with support from Pratiksha Arekar (Senior Associate) and Aastha Vyas (Associate). Strategic guidance was provided by Cyril Shroff (Managing Partner).
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