Tata Capital IPO Completely Subscribed by Midday on Last Day; QIBs take the lead with 3.05× Bidding

Mumbai, October 8, 2025: Tata Capital Limited’s ₹15,512-crore IPO was completely subscribed by midday on the last day, reflecting robust investor enthusiasm across groups. By 3.14 p.m. IST, bids were at 1.79 times the issue size, with institutional and non-institutional segments leading the charge, and retail and employee categories continuing healthy participation.

Tata Capital Limited, the financial services subsidiary of the Tata Group, is an RBI-categorized Upper Layer NBFC with over 7.3 million customers in the retail, SME, and corporate space. For FY25, the company posted a consolidated PAT of ₹3,664.66 crore on a total income of ₹28,369.87 crore with an ROE of 12.6% and a gross NPA ratio of 1.9%.

Tata Capital IPO Key Subscription Data

As of October 8, 2025, 3:14:37 PM (Day 3), the Tata Capital IPO was subscribed 1.79 times overall. The public issue recorded 1.04 times subscription in the retail category, 3.05 times in the QIB (excluding anchor investors) segment, and 1.85 times in the NII category.

Among anchor investors, the IPO was fully subscribed with 14,23,87,284 shares allotted, amounting to ₹4,641.83 crore. In the QIB (Ex Anchor) category, 28,93,58,400 shares were bid against 9,49,24,856 shares offered, raising a total of ₹9,433.08 crore. The Non-Institutional Investors (NII) category saw a subscription of 1.85 times, with 13,13,63,856 shares bid against 7,11,93,642 shares on offer, aggregating ₹4,282.46 crore. Within NII, bids above ₹10 lakh (bNII) were subscribed 1.74 times and bids below ₹10 lakh (sNII) 2.05 times.

Retail investors bid for 17,22,08,590 shares against 16,61,18,498 shares on offer, recording a 1.04 times subscription and raising ₹5,614 crore. Employee participation was strong, with 33,21,062 shares bid against 12 lakh shares on offer, resulting in 2.77 times subscription and mobilising ₹108.27 crore.

Overall, the IPO attracted bids for 59,62,51,908 shares against 33,34,36,996 shares on offer, amounting to a total subscription value of ₹19,437.81 crore.

Cumulative exchange data indicated peak demand at ₹310 per share, with 35.30 crore bids recorded at this level. Cut-off bids stood at 11.93 crore shares, highlighting strong investor interest across the ₹310-₹326 price band.

Tata Capital IPO Details

The IPO was priced in the range of ₹310-₹326 per share, with a total offer size of 47.58 crore shares, comprising a fresh issue of 21 crore shares and an offer for sale of 26.58 crore shares. The shares are set to be listed on NSE and BSE, with NSE designated as the primary exchange for listing. The IPO opened on October 6, 2025, and closes today, October 8, 2025.

Ahead of the public issue, Tata Capital raised ₹4,641.82 crore from anchor investors on October 3, 2025, through the allocation of 14.24 crore shares at ₹326 per share. Key domestic anchor investors included LIC, HDFC Mutual Fund, ICICI Prudential MF, Aditya Birla Sun Life MF, Nippon India MF, and Motilal Oswal MF, while notable foreign anchors were Morgan Stanley, Goldman Sachs, Nomura India Investment Fund, and Government Pension Fund Global (Norway).

The IPO is handled by Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, J.P. Morgan, and SBI Capital Markets, with MUFG Intime India Private Limited acting as the registrar.

The Tata Capital IPO’s strong subscription across institutional, retail, and employee categories highlights robust market confidence in the company’s growth and financial stability. With full subscription achieved ahead of schedule, the issue is poised for a smooth listing on NSE and BSE, marking a successful capital-raising milestone for the Tata Group.

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