Tata Capital is poised to launch one of India’s largest public offerings and the biggest non-banking financial company (NBFC) listing this year, with a target to raise approximately ₹15,512 crore. The offering will be a blend of fresh equity shares and an offer for sale (OFS) by existing shareholders. The price band has been set at ₹310–₹326 per share.
Of the total, around ₹6,946 crore from the fresh issue is designated to enhance its capital base and support lending growth, while the OFS component will allow partial exits for promoters, including Tata Sons.
In comparison, WeWork India Management’s IPO is valued at roughly ₹3,000 crore and will consist entirely of an OFS. Prominent shareholders, including Embassy Buildcon LLP and investor 1 Ariel Way Tenant Ltd (part of WeWork Global), plan to offload up to 4.63 crore shares at a price band of ₹615–₹648. As no new shares will be issued, the proceeds will not be accrued by the company, making this IPO solely a liquidity event.
The subscription timeline for Tata Capital starts with anchor investor bidding on October 3, 2025, while the public issue will take place from October 6 to 8. Share allotments are anticipated on October 9, with listing expected on October 13.
WeWork India will begin anchor bidding on October 1, 2025, and public subscription is scheduled from October 3 to 7. Allotments are likely to be finalized on October 8, with the listing set for October 10, just three days ahead of Tata Capital.
A comparative analysis highlights the substantial difference in the size of the offerings, with Tata Capital’s ₹15,512 crore overshadowing WeWork India’s ₹3,000 crore. While Tata Capital plans to utilize new proceeds for lending expansion, WeWork India’s earnings will be directed entirely towards existing shareholders.
Tata Capital could appeal to long-term investors interested in the financial sector, whereas WeWork India might attract those optimistic about the coworking industry’s resilience, despite the sector’s higher operational risks.
Analysts have expressed favorable views on Tata Capital, emphasizing the company’s diversified loan portfolio, profitability, and the benefits of new capital investment. However, they warn of NBFCs facing risks related to the credit cycle and fluctuations in interest rates. Khushi Mistry, a Research Analyst at Bonanza, noted that the IPO is expected to enhance sentiment toward Tata Group financial stocks, powered by growth in critical lending areas such as infrastructure, housing, and clean energy.
Mistry also highlighted that Tata Capital’s future success relies on its operational performance and profitability.
Conversely, the WeWork India IPO may confront sector challenges that could affect investor interest. Analysts have pointed to the company’s path to profitability, its leading position in the coworking market, and its operational scale but cautioned about inherent volatility and renewal risks in the sector. Mistry added that the flexible workspace sector is projected to account for over 20% of India’s office spaces soon, which could strengthen WeWork India’s long-term outlook, given its operational leadership and strategy of urban clustering.
Published on September 30, 2025.
