Mumbai | Oct 9, 2025, 10:15 IST —
The highly anticipated Tata Capital IPO has reached its next big milestone, with allotments due to be finalized today, October 9. Investors who subscribed to the issue will soon know whether they secured a share in one of India’s most awaited listings of 2025. The stock is scheduled to debut on October 13 on the BSE and NSE, subject to regulatory clearances.
About Tata Capital Ltd.
Tata Capital Limited (TCL), a subsidiary of Tata Sons, is one of India’s leading diversified NBFCs, offering 25+ lending and financial products across retail, SME, and corporate segments. Its portfolio includes consumer loans, commercial finance, wealth management, investment banking, private equity, and cleantech finance. As of June 30, 2025, TCL operates 1,516 branches across 27 states/UTs, supported by digital platforms and partnerships. Beyond lending, it distributes insurance, credit cards, and wealth services. Backed by Tata Group, TCL is India’s third-largest diversified NBFC, with strong credit ratings, prudent risk culture, digital-first focus, and a proven record of growth.
IPO Structure & Subscription
The IPO, worth ₹15,511.87 crore, was split into a fresh issue of 21 crore shares (~₹6,846 crore) and an Offer for Sale (OFS) of 26.58 crore shares (~₹8,665.87 crore) by existing stakeholders including Tata Sons and International Finance Corporation (IFC).
The price band was fixed at ₹310–₹326 per share, placing Tata Capital’s valuation in line with other listed NBFC peers. The bidding window remained open from October 6 to October 8 and saw broad participation across investor classes.
- Qualified Institutional Buyers (QIBs) subscribed their portion about 3.42 times, underscoring strong institutional interest.
- Non-Institutional Investors (NIIs) bid for around 1.98 times their quota.
- Retail Individual Investors (RIIs) showed steady demand with 1.10 times subscription.
Overall, the IPO was subscribed ~1.96 times, a balanced outcome reflecting both institutional strength and moderate retail appetite.
What Happens Next
The registrar, MUFG Intime India, will finalize allotments today. Successful investors can expect shares to be credited into their Demat accounts on October 10, while refunds for those who did not receive allotment will also be processed on the same day.
Investors can check allotment status via:
- The BSE/NSE allotment status page
- The MUFG Intime India portal using their PAN, application number, or DP/Client ID
With allotment wrapped up, all eyes now turn to the listing date of October 13, 2025.
Grey Market Trends
The Grey Market Premium (GMP) for Tata Capital has cooled in recent days. After starting at double-digit premiums, it has slipped to around ₹3.50 per share, signaling only a ~1–2% premium over the issue price. This points towards a steady, fairly valued listing rather than a big debut pop.
Analysts believe the IPO pricing already reflects much of Tata Capital’s fundamentals, and the modest GMP could be a sign that investors are taking a long-term view rather than chasing quick listing gains.
Strategic Significance
For Tata Sons, the IPO represents more than just a fundraising exercise. Reports suggest it will pocket over ₹6,700 crore from the stake sale, further strengthening its balance sheet.
For investors, Tata Capital offers exposure to one of India’s largest diversified NBFCs, with businesses across retail loans, corporate lending, wealth management, and housing finance. The company is seen as a proxy for India’s growing credit demand, backed by the brand trust of the Tata Group.
Outlook
- Listing Day (Oct 13): Market watchers will track debut pricing and trading volumes to gauge sentiment.
- Medium Term: Tata Capital’s ability to deploy IPO proceeds to expand lending while maintaining asset quality will be a key metric.
- Long Term: With strong governance, diversified business lines, and Tata brand backing, the IPO could be a cornerstone NBFC listing in India’s market history.
While the GMP hints at a muted debut, Tata Capital’s listing will be closely watched as a test of both investor confidence and the appetite for financial services IPOs in a year marked by heavy primary market activity.
