Abhishek Sinha
The highly anticipated Tata Capital IPO opened for public subscription on Monday, October 6, marking one of the largest initial public offerings of 2025. By 10:45 a.m., the issue was subscribed 14%, reflecting moderate early interest from investors.
Tata Capital IPO Overview
- Issue Size: ₹15,511.87 crore
- Fresh Issue: ₹6,846 crore (21 crore shares)
- Offer for Sale (OFS): ₹8,665.87 crore (4,75,824,280 shares)
- Sellers: Tata Sons Pvt Ltd and International Finance Corporation (IFC)
- Price Band: ₹310 – ₹326 per share
- Lot Size: 46 shares and multiples thereof
- Subscription Window: October 6 – October 8, 2025
- Listing Date (Tentative): October 13, 2025
- Stock Exchanges: BSE and NSE
The IPO is being launched in compliance with the Reserve Bank of India’s mandate for “upper-layer” non-banking financial companies (NBFCs), requiring them to list within three years of classification.
Subscription Status — Day 1
As per data from the NSE (as of 10:45 a.m.):
- Overall Subscription: 14%
- Qualified Institutional Buyers (QIBs): 29%
- Non-Institutional Investors (NIIs): 6%
- Retail Individual Investors (RIIs): 9%
Before the IPO opening, Tata Capital raised ₹4,642 crore from anchor investors, including:
LIC, ICICI Prudential MF, Motilal Oswal MF, Nippon India MF, Amansa Holdings, Morgan Stanley, Nomura, Goldman Sachs, and Government Pension Fund Global.
Utilisation of Proceeds
The company plans to deploy funds from the fresh issue to strengthen its Tier-1 capital base, enabling future growth and lending expansion across business segments.
Important IPO Dates
| Event | Date |
|---|---|
| IPO Opens | October 6, 2025 |
| IPO Closes | October 8, 2025 |
| Basis of Allotment | October 9, 2025 |
| Refunds Initiated | October 10, 2025 |
| Shares Credited to Demat | October 10, 2025 |
| Listing Date | October 13, 2025 |
About Tata Capital
Tata Capital Limited is the financial services arm of the Tata Group, offering over 25 lending and financial products catering to salaried individuals, small businesses, entrepreneurs, SMEs, and corporates.
The company’s services include:
- Personal and business loans
- Home and vehicle finance
- Wealth management
- Insurance and credit card distribution
- Private equity fund management
This IPO marks Tata Group’s second major public listing in recent years, following the successful debut of Tata Technologies in November 2023.
Tata Capital Financial Highlights
| (₹ crore) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 1,36,288.5 | 1,81,748.2 | 2,83,127.4 |
| Total Assets | 13,56,261 | 17,66,939.8 | 24,84,650.1 |
| Net Profit | 29,457.7 | 33,269.6 | 36,550.2 |
Tata Capital’s consistent growth and profitability highlight its strong position among India’s leading NBFCs.
Grey Market Premium (GMP)
According to market reports and Investorgain.com, Tata Capital’s unlisted shares are trading at approximately ₹333.5 per share, representing a 2.3% premium over the upper price band of ₹326.
⚠️ Note: Grey Market Premium (GMP) is an informal indicator of investor sentiment and not an official measure regulated by SEBI or stock exchanges.
Outlook
With a solid brand reputation, diversified lending portfolio, and strong anchor investor participation, Tata Capital IPO is expected to attract significant demand from institutional and retail investors alike. However, given the large issue size and modest GMP, analysts expect steady but not explosive listing gains.
