Tata Capital Lists at Rs 330 — Slight Premium to Issue Price (Oct 13, 2025)
Key listing details
| Item | Detail |
|---|---|
| Issue price | Rs 326 per share |
| Listing (NSE / BSE) | Rs 330 per share (Oct 13, 2025) |
| GMP at listing | ~0% (listing close to issue price) |
| IPO size | Rs 15,511.87 crore (fresh issue + OFS) |
| Fresh issue | 21 crore shares (~Rs 6,846.00 crore) |
| OFS | 26.58 crore shares (~Rs 8,665.87 crore) |
| Allotment date | October 9, 2025 |
| Subscription (Overall) | ~1.95–1.96x |
What happened and why it matters
Tata Capital's public debut was watched closely because it is the financial-services arm of the Tata Group and one of the larger NBFCs in India. The listing close to the issue price signals measured market appetite: institutional demand led the subscription (QIBs were multiple times oversubscribed), while retail interest was more modest.
Subscription breakdown
By the close of the offer, institutional investors led the demand. Reported subscription figures were:
- QIBs: ~3.42x
- NIIs: ~1.98x
- Retail: ~1.10x
Valuation and analyst view
At the time of listing Tata Capital was priced at roughly 4.1x trailing twelve-month price-to-book (P/B), slightly above peer average (3.7x). Return-on-assets (RoA) trailed some peers (around 1.9% vs peer-average ~3%), which suggests the market may be paying for growth and franchise rather than near-term profitability advantage.
Key risks investors should watch
- Asset quality: Tata Capital acquired Tata Motors' vehicle finance business (TMFL), which has higher reported NPA levels — any deterioration in collections or higher slippages could pressure earnings.
- Credit ratings: A downgrade in credit rating would raise funding costs for a leveraged NBFC and could reduce product competitiveness.
- Technology & cyber risk: Increased digitization means greater exposure to cyber events; operational disruptions could affect customer confidence and cost base.
Market takeaways
The modest premium at listing shows investors were cautious but not bearish. The combination of a large OFS and a significant fresh issue meant the float entering the market was sizeable; that can weigh on listing-day momentum compared with smaller IPOs. For long-term investors, the business mix, funding profile and the path to improving RoA will be important metrics to follow.
Quick FAQ
What was the final listing price?
Rs 330 per share on both NSE and BSE (listed Oct 13, 2025).
What was the IPO issue price?
Rs 326 per share.
How big was the IPO?
Approximately Rs 15,511.87 crore including fresh issue and OFS.
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