Latham Advises Tata Capital on US$1.75 Billion IPO

Latham & Watkins has advised Tata Capital Limited on its US$1.75 billion initial public offering (IPO) on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). The offering represents the largest IPO in India in 2025 to date and the largest-ever IPO by an Indian non-banking financial company. This is the second Indian IPO Latham has closed in just two business days, having advised on the US$338 million IPO of WeWork India on the BSE and NSE.

Last year Latham also advised on the largest IPO in India in 2024 — Hyundai Motor India Ltd. on its US$3.3 billion IPO on the BSE and NSE — and the second largest IPO in India in 2024 — Swiggy’s US$1.35 billion IPO on the BSE and NSE.

The Latham team was led by Singapore partner Rajiv Gupta, with associates Sirada Chayabunjonglerd, Kay Howe Lee, and Esha Goel. Advice was also provided on tax matters by New York partner Elena Romanova, with associate Farrah Yan; and on regulatory matters by Chicago partner Laura Ferrell, with associates Jennifer Tian and Tim Cummings.

About Tata Capital

Tata Capital Limited, a subsidiary of Tata Sons Private Limited, is a one-stop financial solutions partner in India. Tata Capital and its subsidiaries are engaged in lending and offering a wide array of services and products in the financial services sector.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi award-winning practice comprises more than 50 lawyers globally, and the team has advised on India-related matters with a combined value in excess of US$100 billion since 2018.