The Tata Capital IPO continued to attract steady investor interest, getting 46% subscription by the second day of bidding on October 7, according to data available on the National Stock Exchange (NSE).
The public issue of the non-banking financial company (NBFC) received bids for 15.27 crore shares against 33.34 crore shares on offer, marking a strong response across investor categories.
The Qualified Institutional Buyers (QIBs) segment was subscribed 52%, while the Retail Individual Investors (RIIs) portion stood at 45%. The Non-Institutional Investors (NIIs) category saw 38% subscription, and the employee quota was fully booked at 137%.
This indicates healthy demand across investor groups, particularly among institutional and retail investors who have shown strong confidence in the Tata Group-backed NBFC.
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Ahead of the IPO opening, Tata Capital raised ₹4,642 crore from 68 domestic and global institutional investors through its anchor book. The anchor portion saw demand nearly five times higher than the amount offered, showcasing robust investor appetite for the issue.
The ₹15,512 crore public offering of Tata Capital opened on October 4 and will close on October 8. The price band is set between ₹310 and ₹326 per share.
At the upper price band of ₹326, Tata Capital commands an estimated valuation of around ₹1.38 lakh crore. The IPO comprises a fresh issue of 21 crore equity shares and an Offer for Sale (OFS) of 26.58 crore shares, totaling 47.58 crore shares.
Under the OFS, Tata Sons will sell 23 crore shares, while the International Finance Corporation (IFC) will offload 3.58 crore shares. Currently, Tata Sons holds an 88.6% stake, and IFC owns 1.8% in Tata Capital.
The proceeds from the IPO will be used to strengthen Tata Capital’s Tier-1 capital base, helping the company meet its future capital requirements, including onward lending.
This IPO also fulfills the Reserve Bank of India’s (RBI) directive for upper-layer NBFCs to be listed within three years of classification. Tata Capital was identified as an upper-layer NBFC in September 2022.
The offering marks the Tata Group’s second major public listing in recent years, following the successful Tata Technologies IPO in November 2023.
Tata Capital has a diverse portfolio of over 25 lending products, serving individuals, entrepreneurs, SMEs, and corporates. Apart from lending, it also offers insurance, wealth management services, and acts as a sponsor and investment manager for private equity funds.
The company’s stock market debut is expected on October 13, 2025.
According to InvestorGain, the Grey Market Premium (GMP) for Tata Capital stood at ₹12.5 as of October 7, 10:55 AM. Based on the upper price band of ₹326, the estimated listing price is ₹338.5, implying an expected gain of 3.83% per share.
This modest GMP reflects cautious optimism among investors ahead of the IPO’s closing day.
The Tata Capital IPO has received strong interest from institutional and retail investors, highlighting confidence in the company’s growth potential and brand strength. With solid fundamentals, diversified business lines, and the backing of the Tata Group, the IPO is being closely watched ahead of its October 8 closing and October 13 listing.
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