India’s capital markets are set for a blockbuster October, with Tata Capital and LG Electronics lining up initial public offerings worth a combined Rs 32,000 crore, testing whether investors still have an appetite for mega issues after a record year of fundraising as the country heads into the Diwali season.

Tata Capital, the financial services arm of the Tata Group, is preparing to launch its IPO in the first half of October, people familiar with the matter told The Economic Times, in what could raise as much as Rs 17,000 crore. Around the same time, South Korea’s LG Electronics is expected to float the Rs 15,000-crore IPO of its Indian arm, making it the largest issue of 2025 so far.

The Tata Capital offering will consist of a fresh issue of about 210 million shares and an offer for sale (OFS) of 265.8 million shares, taking the total size to 475.8 million shares. Tata Sons is expected to sell up to 23 million shares, while International Finance Corporation (IFC) could offload up to 35.8 million shares. Tata Sons currently holds 88.6% in the company, with IFC owning 1.8%.