Mumbai, Sept 29 — India’s primary market is gearing up for a blockbuster October, with Tata Capital and WeWork India leading a wave of high-profile initial public offerings (IPOs) following a September dominated by small and mid-sized listings. The buoyant market sentiment and regulatory momentum have prompted several companies to file draft red herring prospectuses (DRHPs), setting the stage for one of the busiest IPO seasons in recent years.
Tata Capital, the financial services arm of the Tata Group, will launch its ₹15,511.87 crore IPO on October 6, making it the largest public issue of 2025. The offer comprises a fresh issue of equity shares worth ₹6,846 crore and an offer for sale (OFS) of ₹8,665.87 crore by Tata Sons and the International Finance Corporation (IFC). The price band has been set at ₹310 to ₹326 per equity share of ₹10 face value. Tata Sons currently holds an 88.6% stake in Tata Capital, while IFC owns 1.8%.
The IPO proceeds will be used to strengthen Tata Capital’s Tier-I capital base, support future lending requirements, and meet the Reserve Bank of India’s mandate for upper-layer non-banking financial companies (NBFCs) to be listed within three years of classification. Tata Capital was designated an upper-layer NBFC in September 2022.
WeWork India Management Ltd will open its ₹3,000 crore IPO on October 3, with a closing date of October 7. The issue is entirely an OFS of 4.63 crore shares by existing shareholders Embassy Buildcon LLP and 1 Ariel Way Tenant Limited. The price band is set between ₹615 and ₹648 per equity share. Incorporated in 2016, WeWork India offers flexible workspace solutions, including co-working spaces, enterprise suites, and hybrid digital platforms.
Other notable IPOs scheduled for October include Indo MIM (₹1,000 crore fresh issue plus OFS of 12.97 crore shares), Laser Power and Infra (₹1,200 crore), CSM Technologies (fresh issue of 1.29 crore shares), Alcobrew Distilleries India (₹258.26 crore fresh issue plus OFS of 1.8 crore shares), Behari Lal Engineering (₹110 crore fresh issue plus OFS of 78.5 lakh shares), and Parijat Industries (₹160 crore fresh issue plus OFS of 2.03 crore shares).
The surge in IPO activity follows the successful listing of HDB Financial Services in July and reflects strong investor appetite despite subdued performance in benchmark indices. With Tata Capital’s IPO alone expected to surpass HDB’s ₹12,500 crore issue, October is poised to redefine India’s IPO landscape.
