New Delhi: Tata Capital has wrapped up a series of investor roadshows across major global financial hubs, setting the stage for its much-anticipated $2 billion (Rs 17,200 crore) initial public offering (IPO) in the week beginning September 22, according to people familiar with the development.

The non-banking finance company is expected to debut on the bourses by September 30, making it the largest IPO of 2025. The roadshows, launched in August, drew strong participation from global and domestic institutional investors, industry sources said. Senior leadership of the Tata Group’s non-banking financial arm held meetings in Hong Kong, Singapore, London, New York, and key Indian cities. The sessions showcased Tata Capital’s diversified portfolio, robust financials, and digital-first growth strategy, they added.

Market participants said the successful investor outreach has positioned the company well for its market debut, with valuations now expected to touch $18 billion. This marks a sharp jump from the $11 billion valuation when Tata Capital filed confidential IPO papers in April. As per the updated Draft Red Herring Prospectus (DRHP) filed in August, the IPO will comprise a fresh issue of up to 21 crore equity shares and an offer for sale (OFS) of up to 26.58 crore shares, totalling 47.58 crore shares.