The primary market is poised for an active week, with two major companies, Tata Capital Ltd and LG Electronics India Ltd, preparing to launch their initial public offerings (IPOs) totaling over ₹27,000 crore.
Investor interest in these offerings is expected to be robust, attributed to their size and the reputation of their parent companies. This comes as the Indian market experiences a surge in primary market activity, despite challenges in the broader equity landscape.
In 2025, 78 companies have entered the mainboard market through maiden public offerings, with several more scheduled for this month. The ₹15,512 crore IPO from Tata Capital, the largest issue of the year, will be open for subscription from October 6 to October 8. This offering consists of a fresh issue of 21 crore shares and an offer for sale (OFS) amounting to 26.58 crore shares.
At the upper end of the price band of ₹310 to ₹326 per share, the non-banking financial company is valued at approximately ₹1.38 lakh crore. Under the OFS component, Tata Sons is set to divest 23 crore shares, while the International Finance Corporation (IFC) will sell 3.58 crore shares.
Proceeds from the fresh issue will be directed toward strengthening Tata Capital’s Tier-1 capital base, facilitating future growth and lending initiatives. Currently, Tata Sons holds an 88.6% stake in the company, while IFC owns 1.8%.
For the fiscal year 2025, Tata Capital reported a profit after tax of ₹3,655 crore, an increase from ₹3,327 crore in FY24. Revenue rose to ₹28,313 crore from ₹18,175 crore in the previous year.
In succession, LG Electronics India Ltd, the Indian subsidiary of South Korea’s LG conglomerate, is set to launch its ₹11,607 crore IPO for subscription from October 7 to October 9. This will mark the second South Korean firm to access Indian markets, following Hyundai Motors India’s listing last year.
LG Electronics India’s IPO will be the third-largest in 2025, trailing Tata Capital’s forthcoming ₹15,512 crore offering and HDB Financial Services’ ₹12,500 crore listing in June.
The LG IPO is entirely an offer for sale (OFS) comprising 10.18 crore shares, representing a 15% stake. No proceeds will be allocated to the Indian unit, as all funds are intended for the parent company based in South Korea. The price band is set at ₹1,080 to ₹1,140 per share, valuing the firm at around ₹77,400 crore.
A key player in consumer electronics and home appliances, LG Electronics India manufactures various products, including washing machines, refrigerators, LED TVs, air conditioners, and microwaves at its facilities in Noida and Pune. For FY25, the company reported revenue from operations of ₹24,366.64 crore, up from ₹21,352 crore the previous year, while net profit increased to ₹2,203 crore from ₹1,511 crore.
Shares of Tata Capital are expected to list on October 13, followed by LG Electronics India, which will list on October 14. Beyond these major IPOs, Rubicon Research’s ₹1,377.5 crore public offering is set to open on October 9, while WeWork India Management’s ₹3,000 crore public offering is currently in progress.
