Tata Capital Ltd. and LG Electronics India Ltd. are poised to begin trading in Mumbai over the next two days following the completion of their landmark initial public offerings — together marking a defining moment for India’s record-breaking IPO boom. Tata Capital, the shadow-lending arm of the Tata Group, raised 155 billion rupees ($1.7 billion) in what stands as the nation’s largest IPO of 2025, while LG Electronics’ Indian unit followed closely behind with one of the most oversubscribed billion-dollar offerings in nearly two decades, Bloomberg said.
The two debuts will test the depth of India’s capital markets at a time when global investors are pouring billions into the country’s fast-expanding consumer and financial sectors. Powered by deep domestic liquidity and a growing base of retail investors, India has emerged as one of the busiest IPO destinations in the world. October alone is shaping up to be the country’s biggest month ever for listings, with proceeds expected to surpass $5 billion, Bloomberg noted.
Much is riding on the success of Tata and LG’s market debuts. Analysts say strong performances could ignite a fresh wave of large-scale listings, while weak openings might cool the momentum that has defined India’s market this year. “A strong debut of at least one of the big IPOs could set the stage for a fresh wave of jumbo listings,” said Dharmesh Mehta, CEO at DAM Capital Ltd., in comments cited by Bloomberg.
Both offerings have already drawn intense investor interest. LG’s IPO attracted bids 54 times the number of shares offered, a level of enthusiasm not seen since Reliance Power’s record-breaking deal in 2008. Major global funds — including those from Abu Dhabi, Norway, and Singapore, as well as BlackRock Inc. and Fidelity International Ltd. — participated as anchor investors. Tata Capital’s issue, oversubscribed twice, also saw strong demand from institutional investors such as Morgan Stanley, Goldman Sachs, and Nomura Holdings.
The excitement has spilled over into the gray market. As of Friday in Mumbai, LG Electronics India was trading around 30% above its IPO price, while Tata Capital hovered slightly higher, according to IPOCentral.in data cited by Bloomberg. Both firms are seen as undervalued relative to local peers on metrics like earnings and book value, according to analysts at SBI Securities and Centrum Capital.
Despite the optimism, challenges remain. Some of India’s biggest IPOs in recent years faltered on debut, raising concerns about valuations and post-listing performance. Yet, Bloomberg data shows that this year’s other billion-dollar IPOs have delivered solid first-day gains, hinting at renewed investor confidence.
The twin offerings are expected to lift India’s total IPO proceeds in 2025 beyond $15 billion, Bloomberg reported, reinforcing the country’s status as a top global fundraising hub. Market watchers say the success of Tata Capital and LG Electronics India could cement India’s reputation as a magnet for global capital — and set the tone for what could be a record-breaking year in public listings.
