The Initial Public Offering (IPO) of Tata Capital was fully subscribed on the last day of bidding. Rs 15,500 crore IPO received bids for 45,84,78,044 shares against the 33.34 crore shares on offer until 1.30 pm on Wednesday, translating into 1.38 times subscription, according to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) data.
Among investor categories, the Qualified Institutional Buyers (QIBs) quota got subscribed 2.07 times, while the portion meant for non-institutional investors received 1.46 times subscription. The Retail Individual Investors (RIIs) category received 93% subscription.
Tata Capital on Friday collected Rs 4,642 crore from 68 domestic and global institutional investors, with the anchor book witnessing demand nearly five times higher than the allocated amount. The price range for the offer is Rs 310-326 per share.
At the top end of the price band, the non-banking financial company (NBFC) commands a valuation of about Rs 1.38 lakh crore. The IPO comprising a total of 47.58 crore shares, includes a fresh issue of 21 crore equity shares and an Offer For Sale (OFS) of 26.58 crore shares.
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Under the OFS component, Tata Sons will offload 23 crore shares, while the International Finance Corporation (IFC) will divest 3.58 crore shares. Currently, Tata Sons holds an 88.6% stake in Tata Capital, while IFC owns a 1.8% holding.
Proceeds from the IPO will be used to strengthen the company's Tier-1 capital base, supporting future capital requirements, including onward lending. This will mark Tata Group's second public listing in recent years, following the debut of Tata Technologies in November 2023.
The IPO is being undertaken in line with the Reserve Bank of India's (RBI) listing mandate for upper-layer NBFCs, which requires them to be listed within three years of classification.
Tata Capital IPO Day 3 GMP
The grey market premium (GMP) muted listing for what is India's biggest IPO of 2025. According to the website tracking GMP, Tata Capital IPO shares of Rs per piece over the price band of Rs 310-326.