Shares of Tata Capital will be listed on the stock exchanges today, following a highly anticipated initial public offering (IPO) that raised ₹15,511.87 crore. The IPO price was set at ₹326 per share, at the top end of a proposed range of ₹310 to ₹326.
The offering received robust support from qualified institutional buyers (QIBs), with this segment subscribing 3.42 times the available shares. Non-institutional investors subscribed 1.98 times, and the retail portion saw a subscription rate of 1.10 times, resulting in an overall subscription of 1.95 times.
Market analysts predict the stock may list flat or with a slight decline upon debut.
The IPO included a fresh issue of approximately 21 crore shares valued at ₹6,846 crore, alongside an offer-for-sale (OFS) of around 26.58 crore shares, worth ₹8,665.87 crore, from existing shareholders Tata Sons and the International Finance Corporation (IFC). Proceeds from the new share issuance will bolster Tata Capital’s Tier-I capital base, aiding its future growth and lending initiatives.
In addition, the offering saw strong backing from anchor investors, who committed a total of ₹4,642 crore. Notable global investment banks, including Morgan Stanley, Goldman Sachs, and Nomura, actively participated in the anchor bid round. The Life Insurance Corporation of India (LIC) emerged as the largest anchor investor, capturing 15.08 percent of the allocation with an investment of ₹700 crore.
MUFG Intime India Private Limited has been designated as the official registrar for the book-build issue. The book-running lead managers overseeing the IPO include Kotak Mahindra Capital, BNP Paribas, Citigroup Global Markets India, HDFC Bank, HSBC Securities & Capital Markets (India), ICICI Securities, IIFL Capital Services, JP Morgan India, SBI Capital Markets, and Axis Capital.
The article was published on October 13, 2025.
