The issue, priced at ₹326 per share — the upper end of the ₹310–326 band — received strong institutional demand, with QIBs subscribing 3.42 times. Non-institutional investors subscribed 1.98 times, while the retail portion was 1.10 times, leading to an overall subscription of 1.95 times.
Shares of the much-awaited Tata Capital will be listed on the bourses today. The mega ₹15,511.87 crore issue of Tata Capital managed to sail through, thanks to qualified institutional buyers. The IPO price has been determined as ₹326, the upper end of the ₹310-326 price band.
The qualified institutional buyers (QIBs) got subscribed 3.42 times, while the portion meant for non-institutional investors received 1.98 times subscription. The retail individual investors (RIIs) category received 1.10 times the subscription. Overall, the IPO was subscribed 1.95 times.
Analysts expect the stock to list flat or marginally down.
The IPO consisted of a fresh issue of around 21 crore shares (₹6,846 crore) and an offer-for-sale (OFS) of about 26.58 crore shares (₹8,665.87 crore) by existing shareholders Tata Sons and IFC. The funds raised through the fresh equity issuance will be utilised to strengthen Tata Capital’s Tier-I capital base, supporting its future growth and lending activities.
LIC, Morgan Stanley, Goldman Sachs among top anchors
The issue received strong backing from anchor investors, who collectively committed ₹4,642 crore. Global investment banks such as Morgan Stanley, Goldman Sachs, and Nomura participated actively during the anchor bidding round. Insurance behemoth Life Insurance Corporation of India (LIC) emerged as the largest anchor investor, securing 15.08 per cent of the anchor allocation with an investment of ₹700 crore.
MUFG Intime India Private Limited has been appointed the official registrar of the book build issue. 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 have been appointed book-running lead managers of the book build issue.
Published on October 13, 2025
