Tata Capital share price to have a muted debut? Here's what GMP indicates.

Tata Capital Ltd. is likely to have a muted listing today after raising as much as $1.75 billion in India's biggest IPO of 2025 so far.

The Tata Capital IPO is the first initial public offering from the House of Tata since Tata Technologies' nearly two years ago. (Reuters)

The grey market premium for Tata Capital share price was zero rupees at 8:53 am, indicating a listing at ₹326—the upper end of the IPO price band, accordign to Investorgain.

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 or loss. The GMP can swing dramatically as it’s detached from the fundamentals of a stock.

The demand was led by qualified institutional buyers, who picked up 3.42 times shares reserved for them in the IPO. The portions reserved for non-institutional investors was subscribed 1.98 times while retail investors and employees picked up 1.10 and 2.92 times shares earmarked for them.

The Tata Capital IPO was subscribed 50% on the first day and 75% on the second day. The company raised ₹4,642 crore from anchor investors on Friday, 3 October 2025.

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.