Tata Capital’s highly anticipated ₹15,512-crore Initial Public Offering (IPO) opened for subscription today, marking one of the largest public offerings of 2025.
The IPO, which will remain open through Wednesday, includes a fresh issue of ₹6,846 crore and an offer-for-sale (OFS) of ₹8,666 crore by promoter Tata Sons, which currently holds a 95.6% stake in the company. The price band has been set between ₹310 to ₹326 per share.
According to grey market premium tracking websites, Tata Capital shares are trading at a premium of ₹7.5 as of 7:00 AM today, suggesting an estimated listing price of around ₹333.5 per share. This represents a potential gain of approximately 3% above the upper price band.
However, the grey market premium has declined significantly over the past week. While the GMP stood at around ₹31 per share on September 29, it has dropped by more than 50% to current levels of ₹15, indicating subdued investor sentiment compared to initial expectations.
Ahead of the public launch, Tata Capital successfully raised ₹4,642 crore from 68 institutional investors through its anchor book, which was oversubscribed nearly five times, demonstrating strong institutional confidence in the offering.
Retail investors can bid for a maximum of 13 lots, equivalent to 598 shares, requiring a minimum investment amount based on the chosen price within the band. The IPO allotment is expected to be finalized on Thursday, October 9, with shares likely to list on October 13.
MUFG Intime India Pvt. Ltd. serves as the registrar for the issue, and investors can check their allotment status online using their PAN details. The offering represents Tata Capital’s strategic move to expand its financial services operations while providing Tata Sons with partial divestment opportunities in the growing Indian financial services sector.
