"Tata Capital Achieves Record-Breaking ₹15,511 Crore IPO, Largest for Non-Banking Financial Company in India"

In a significant transaction, several law firms participated in the largest ever IPO in India by a non-banking financial company. Cyril Amarchand Mangaldas advised Tata Capital Limited and its promoter, Tata Sons Private Limited, while Latham & Watkins served as the international legal counsel for Tata Capital. AZB & Partners provided legal advice to the Book Running Lead Managers (BRLMs), with Sidley Austin acting as the international legal counsel to the BRLMs. The IPO, which aggregated approximately ₹15,511.87 crores, included a fresh issue of equity shares and an offer for sale by Tata Sons and the International Finance Corporation (IFC). This transaction marks the largest IPO of 2025 to date and the fourth largest IPO ever in India. The legal teams involved in the transaction included: **Cyril Amarchand Mangaldas:** - Yash J Ashar (Senior Partner) - Devaki Mankad (Partner, Regional Co-Head - Capital Markets - West) - Jhalak Shah (Principal Associate) - Tanushri More (Senior Associate) - Associates: Sakshi Sharma, Hitesh Nagpal, Neha Sharma, Archit Jain, Akshat Sharma - Bharath Reddy (Partner) - ESOP related matters - Dipti Khatri (Principal Associate) - ESOP related matters - Associates: Mayank Jain, Aarav Prasad - ESOP related matters - Vasudha Goenka (Partner) - debt securities related matters - Nandita Menon (Partner) - debt securities related matters - Arnav Misra (Senior Associate) - debt securities related matters - Kushal Tekriwal (Associate) - debt securities related matters - Rutu Gandhi (Partner) - securities compliance matters - Pratiksha Arekar (Senior Associate) - securities compliance matters - Aastha Vyas (Associate) - securities compliance matters - Cyril Shroff (Managing Partner) - strategic guidance **Latham & Watkins:** - International legal counsel for Tata Capital (specific lawyers not listed in the press release) **AZB & Partners:** - Varoon Chandra (Senior Partner) - Partners: Lionel D'Almeida, Sweta Ananthanarayanan **Sidley Austin:** - International legal counsel to the BRLMs (specific lawyers not listed in the press release)

"Tata Capital Achieves Record-Breaking ₹15,511 Crore IPO, Largest for Non-Banking Financial Company in India"

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