Tat͏a Capit͏͏al IP͏O ͏V͏͏a͏͏͏l͏uation in͏͏͏ ͏F͏o͏͏cu͏s͏:͏ P/͏E Rat͏i͏o͏͏ a͏͏͏t͏͏͏ 3͏͏3.͏24x a͏n͏͏d͏ ͏͏N͏A͏V at͏͏ ͏₹79͏͏͏.͏5͏ ͏A͏h͏͏e͏ad͏ of͏ ͏O͏͏c͏tob͏er 6͏͏ Op͏en͏ing͏

Mumbai͏, 3 ͏Oc͏͏͏tober 202͏͏5: Tata Cap͏͏ital L͏imit͏ed ͏is ͏set t͏o ͏͏la͏unch ͏its ͏͏mu͏͏ch-͏anticip͏at͏ed ₹15͏,͏511.8͏7͏ c͏͏r͏͏ore͏ ͏in͏͏iti͏a͏l publ͏ic offe͏r͏in͏g ͏(IPO) ͏o͏n͏͏ ͏͏6 O͏͏cto͏be͏͏r 2͏0͏25, w͏͏ith ͏͏͏in͏ve͏͏͏sto͏r͏͏ a͏tt͏͏enti͏on ce͏ntred on ͏i͏ts pri͏c͏e-͏t͏o-͏͏͏ea͏͏͏r͏ni͏ngs͏ (P/͏͏E͏) rat͏io of 33.2͏͏͏͏͏4x͏ post-iss͏͏͏ue ͏a͏nd͏ net ͏ass͏et͏ val͏͏u͏e͏ ͏(͏͏͏NAV) of͏ ͏₹͏7͏9.5 per ͏shar͏e͏.͏͏ T͏he ͏͏i͏ssu͏͏e, wh͏i͏ch ͏in͏clu͏de͏s a͏͏ ͏fr͏esh ͏iss͏u͏e͏ of ₹6͏,͏846͏͏ c͏rore an͏d͏ a͏n͏ ͏off͏er ͏͏f͏or ͏s͏͏al͏͏͏e ͏(O͏FS)͏ wo͏rt͏h͏ ₹8,665.87͏͏ cr͏or͏e, w͏͏i͏ll͏ c͏͏lose on͏ 8 ͏Octob͏͏er͏ ͏2͏0͏25͏,͏ f͏o͏͏ll͏o͏wed͏ ͏b͏y ͏͏a͏ tentat͏i͏v͏e ͏͏list͏i͏͏ng͏͏ ͏on ͏the BSE ͏͏a͏n͏d N͏S͏E on ͏13 Octob͏er͏͏͏͏ ͏20͏25

Tata Capital IPO Valuation Metrics Show Premium Pricing with P/E at 33.24x

The post-issue earnings per share (EPS) is pegged at ₹9.81, translating into a P/E multiple of 33.24x based on the upper price band of ₹326. In comparison, the pre-issue P/E stood at 35.99x on an EPS of ₹9.06. While this reflects a slight easing in multiples after the equity infusion, the premium valuation positions Tata Capital among India’s leading non-banking financial companies (NBFCs).

The company’s NAV per share stands at ₹79.5, resulting in a price-to-book ratio of 4.10x. This signals a strong market positioning but also underlines the higher cost of entry relative to book value, highlighting investor expectations of continued growth momentum.

Subscription Dynamics Highlight Minimum Investment of ₹14,996 for Retail Applicants

The IPO price band is fixed at ₹310–₹326 per share, with a lot size of 46 shares. At the upper band, the minimum retail application stands at ₹14,996.

• Retail Investors: 35% of the issue, capped at 13 lots (598 shares or ₹1.94 lakh).
• sNII (small non-institutional investors): Minimum 14 lots (₹2.09 lakh).
• bNII (big non-institutional investors): Minimum 67 lots (₹10.04 lakh).
• Qualified Institutional Buyers (QIBs): Up to 50% of the offer.
• Employees: 12 lakh shares reserved, up to ₹5 lakh application.

This distribution framework ensures diversified participation, while the structured category allocation is expected to influence subscription momentum across investor classes.

Tata Capital’s Financial Growth Underpins IPO Confidence

Tata Capital posted a 56% year-on-year revenue growth, reaching ₹28,369.87 crore in FY25 compared with ₹18,198.38 crore in FY24. Profit after tax (PAT) rose 10% year-on-year to ₹3,655.02 crore in FY25 from ₹3,326.96 crore in FY24.

On the balance sheet front, assets expanded to ₹2,48,465.01 crore in FY25, a significant rise from ₹1,76,693.98 crore in FY24, backed by strong loan book growth and consistent earnings. Net worth climbed to ₹32,587.82 crore, while borrowings increased to ₹2,08,414.93 crore, reflecting higher leverage to fund expansion.

This financial trajectory reflects both scale and credit demand strength, even as the rising debt-to-equity ratio of 6.6 highlights the importance of prudent risk management.

IPO Timeline Highlights Critical Dates Between October 6 and October 13

• Bidding Window: 6 October to 8 October 2025
• Allotment Finalisation: 9 October 2025
• Refunds Initiation: 10 October 2025
• Demat Credit: 10 October 2025
• Listing on BSE & NSE: 13 October 2025
  

The sequencing reflects a tightly packed IPO schedule, ensuring swift listing post-subscription.

The Tata Capital IPO presents a large-scale fundraising exercise, with ₹15,511.87 crore being raised through a mix of fresh issue and OFS. With valuation metrics such as P/E at 33.24x post-issue and NAV at ₹79.5, the issue positions Tata Capital among premium-valued NBFCs. Key dates, subscription requirements, and anchor investor participation highlight its significance in India’s upcoming IPO calendar.

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