6 days ago
8
ARTICLE AD BOX
The initial public offering of Tata Capital Ltd. got sold out on the final day of bidding, but the grey market premium suggests muted listing for what is India's biggest IPO of 2025.
Investors have bid for 49.84 crore shares against 33.34 crore shares on offer in the Tata Capital IPO—that equates to a subscription of 1.51 times as of 2:15 pm on Wednesday (8 October 2025), according to data on the website of the National Stock Exchange of India. The non-banking financial company has so far raised ₹16,432.327 crore from 20,74,600 applications.
The demand was led by qualified institutional buyers, who picked up 2.42 times shares reserved for them in the IPO. The portions reserved for non-institutional investors was subscribed 1.56 times while retail investors and employees picked up 0.97 and 2.64 times shares earmarked for them.
The Tata Capital IPO was subscribed 50% on the first day (Monday) and 75% on the second day (Tuesday). The company raised ₹4,642 crore from anchor investors on Friday, 3 October 2025.
Tata Capital IPO GMP
According to Investorgain, Tata Capital shares are trading at a premium of ₹7 apiece over the price band of ₹310-326 in the unofficial market, indicating a muted listing for the Tata Group firm on 13 October. That's stark for a company that enjoyed a GMP of ₹735-1,125 apiece before the issue price was announced on 29 September.
Such a “discount” leaves the headroom for a listing-day pop, analysts had said when the IPO opened for subscription on Monday.
At the top end of the price band, Tata Capital shares would trade at about 3.4 times book value, according to SBI Securities. That’s cheaper than listed peers such as Bajaj Finance Ltd. and HDB Financial Services Ltd., according to data compiled by Bloomberg.
To be sure, the grey market premium is a signal, not a guarantee. It reflects what traders are willing to pay for an IPO-bound stock in the unofficial market—it doesn’t guarantee listing-day gains. The GMP can swing dramatically as it’s detached from fundamentals of a stock.
ALSO READ | Tata Capital GMP signals cautious optimism for the Tata stock
Tata Capital IPO Details
The first IPO from the House of Tata since Tata Technologies Ltd.'s nearly two years ago is offering 47.58 crore new and old shares at ₹310-326 apiece to raise as much as ₹15,512 crore at a valuation of ₹1.4 lakh crore. The lot size is 46 shares, which sets the minimum application price at ₹14,996.
The proceeds from the fresh issue are intended largely for augmenting Tier-I capital, supporting onward lending, future capital needs, and possibly balance sheet strengthening.
The offer-for-sale proceeds will go to the existing shareholders Tata Sons Pvt. Ltd. and World Bank's International Finance Corporations and don’t accrue to the company.
ALSO READ | Here's all you need to know about Tata Capital IPO
After the Tata Capital IPO closes on 8 October, allotment is expected on 9 October. Refunds to unsuccessful applicants and crediting of shares to demat accounts may also happen around 10 October. The tentative listing date is October 13, 2025 on the BSE and NSE.
English (US) ·