Tata Capital IPO Opens to Sustained Demand on Day 1; Employee Quota Leads with 87% Subscription

Mumbai, Oct 6, 2025: The ₹15,512 crore initial public offering (IPO) of Tata Capital Limited opened for public subscription today, receiving a steady response. As of 2:03 p.m., the staff quota led the way with an 87% subscription, according to BSE data. Overall, the issue was subscribed 27%, supported by participation from both institutional and retail investors.

Tata Capital is a financial services unit of the Tata Group and an Upper Layer NBFC with RBI classification and operations in 7.3 million retail, SME, and corporate segment customers. In FY25, it reported a consolidated after-tax profit of ₹3,664.66 crore on a total income of ₹28,369.87 crore with a return on equity of 12.6% and gross NPA ratio of 1.9%.

Tata Capital IPO Subscription Details

As of 2:03 p.m., subscription trends for the Tata Capital IPO showed Qualified Institutional Buyers (QIBs) had subscribed 32% of their allotted shares, Non-Institutional Investors (NIIs) 19%, and Retail Individual Investors 27%. Employees led the subscription drive, covering 87% of their quota.

In total, Tata Capital IPO received bids for 9.07 crore shares, of which 3.76 crore were at the cut-off price. Foreign institutional investors accounted for 2.75 crore shares under the QIB segment, while domestic mutual funds bid for approximately 31 lakh shares.

Tata Capital IPO Snapshot

The Tata Capital Limited IPO is priced in the band of ₹310–₹326 per equity share, with a total issue size of ₹15,512 crore. The offering comprises 47.58 crore shares, including a fresh issue of 21 crore shares and an offer-for-sale of 26.58 crore shares. The IPO opens on 6 October 2025 and closes on 8 October 2025, with listing expected on 13 October 2025.

Tata Capital IPO Anchor Allocation

Prior to the public issue, Tata Capital had raised ₹4,641.82 crore of anchor investors on October 3, 2025, by allotting 14.24 crore shares at ₹326 per share. Domestic anchors were LIC, HDFC Mutual Fund, ICICI Prudential MF, Aditya Birla Sun Life MF, Nippon India MF, and Motilal Oswal MF. Global anchors were Morgan Stanley, Goldman Sachs, Nomura India Investment Fund, and Norway’s Government Pension Fund Global.

Tata Capital IPO Lead Managers and Registrar

The book-running lead managers (BRLMs) for the IPO are Axis Capital, BNP Paribas, Citigroup, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, J.P. Morgan, Kotak Mahindra Capital, and SBI Capital Markets. The registrar of the issue is MUFG Intime India Private Limited (formerly Link Intime India).

Tata Capital Limited’s IPO began on a firm footing, backed by strong subscriptions from institutional anchors and heavy employee participation, signalling healthy investor interest ahead of the issue’s closure on 8 October 2025.

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