On Day 2 of the Tata Capital IPO, the issue recorded steady demand across investor categories, as per data. The Qualified Institutional Buyers (QIBs) segment was subscribed 0.86 times, while Non-Institutional Investors (NIIs) subscribed 0.75 times. The Retail Individual Investors (RIIs) portion saw a subscription of 0.67 times. The employee reserved category continued to draw strong interest, being subscribed 1.94 times. Overall, the IPO was subscribed 0.75 times.
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Tata Capital IPO Day 2 GMP: Tata Capital IPO subscribed 75% on Day 2 - Track latest GMP trend and more
On Day 2 of the Tata Capital IPO, the issue recorded steady demand across investor categories, as per data. The Qualified Institutional Buyers (QIBs) segment was subscribed 0.86 times, while Non-Institutional Investors (NIIs) subscribed 0.75 times. The Retail Individual Investors (RIIs) portion saw a subscription of 0.67 times. The employee reserved category continued to draw strong interest, being subscribed 1.94 times. Overall, the IPO was subscribed 0.75 times.
Tata Capital IPO Day 2 GMP Live: Check latest subscription numbers
The initial public offer of non-banking financial company Tata Capital Ltd received 75% subscription on the second day of bidding on October 7. The IPO got bids for 24,85,50,604 shares against 33,34,36,996 shares on offer, according to details available with the NSE.
The quota for Qualified Institutional Buyers (QIBs) got subscribed 86%, while the category for Retail Individual Investors (RIIs) received 67% subscription. The portion meant for non-institutional investors attracted 75% subscription. The employee portion got booked 194%.
Tata Capital IPO Day 2 GMP Live: Know about the anchor investors
Before the IPO opened for public bidding, the flagship financial services company of the Tata group raised Rs 4,641.8 crore from 135 anchor investors on October 3. Insurance major Life Insurance Corporation (LIC) emerged as the biggest anchor investor in the IPO, as earlier reported by Moneycontrol.
Tata Capital IPO Day 2 GMP Live: Key things to know
The Tata Group company launched its much awaited public issue to raise Rs 15,512 crore through a fresh issue of shares worth Rs 6,846 crore, and an offer for sale of shares worth nearly Rs 8,666 crore by the existing promoters. Tata Sons and investor International Finance Corporation are selling 26.58 crore equity shares through offer-for-sale component.
The price band for the IPO has been set at Rs 310-326. It will remain open for public bidding between October 6 and October 8. The allotments are likely to be finalized by October 9, and the shares are scheduled to be listed on stock exchanges BSE and NSE on October 13.
Investors can bid for a minimum of 46 shares, requiring an investment of Rs 14,996 at the upper price band, and in multiples thereafter. Tata Capital, which is valued at over Rs 1.31 lakh crore, aims to use the fresh issue proceeds for augmenting its Tier – I capital base in order to meet future capital requirements including onward lending, arising out of the growth of the business, while the offer-for-sale money will go to two selling shareholders including IFC.
Notably, this is the biggest IPO in Indian markets in the current year, and the largest since Hyundai Motor India's Rs 27,859-crore public issue last year.
Tata Capital IPO Day 2 GMP Live: What's latest subscription status right now
Qualified Institutional Buyers (QIBs) -- 0.60
Non Institutional Investors(NIIS) -- 0.63
Retail Individual Investors (RIIs) -- 0.61
Employee Reserved - 1.78
Total - 0.62
Tata Capital IPO Day 2 GMP Live: What are the key risk of Tata Capital public offer
Heavy reliance on borrowed funds:
As of June 2025, Tata Capital's total borrowings stood at ₹2,11,852 crore - about 6.5 times its equity. In other words, for every ₹1 of its own capital, the company has borrowed ₹6.5. While this leverage supports faster expansion, it also increases exposure to funding pressures if borrowing costs climb.
Increase in credit costs:
The company's credit cost, or the expense related to bad loans, rose from 2.1% in June 2024 to 2.4% in June 2025. This indicates a slight uptick in loan defaults. A continuation of this trend could weigh on profitability.
Merger-related integration challenges:
Following its merger with Tata Motors Finance in May 2025, Tata Capital faces short-term challenges in aligning operations. Analysts point out that comparing financial performance year-on-year is difficult since FY25 results include the merged entity, leading to inflated growth numbers.
Regulatory and compliance risks:
Previous RBI audits of Tata Motors Finance (now part of Tata Capital) flagged lapses such as incomplete KYC processes and duplicate customer data. Any recurrence of such issues could invite regulatory penalties and damage the company's reputation.
Sensitivity to interest rate movements:
Given its dependence on borrowed capital, any sharp rise in domestic or global interest rates could raise funding costs and compress profit margins.
Tata Capital IPO: India's jumbo public offers so far
| Rank | Company | Listing Date | Issue Size |
| 1 | Hyundai Motor India Ltd. | October 2024 | Rs 27,858.75 cr |
| 2 | Life Insurance Corporation of India (LIC) | May 2022 | Rs 20,557.23 cr |
| 3 | Paytm (One97 Communications) | November 2021 | Rs 18,300 cr |
| 4 | Coal India | November 2010 | Rs 15,199 cr |
| 5 | SBI Cards and Payments | March 2020 | Rs 10,355 cr |
Tata Capital IPO: Margins under pressure as funding costs rise and provisioning buffers thin
Tata Capital’s Rs 15,500-crore IPO entered its second day of bidding on Tuesday, having drawn an overall subscription of 0.39 times on day one. The initial public offering -- the largest since Hyundai Motor India’s 2024 listing -- has attracted strong institutional interest. But brokerages caution that beneath the group’s brand comfort lie tightening margins, elevated funding costs and thinner provisioning cover that could curb near-term profitability. (Read More)
Tata Capital IPO Live: How many Tata companies are listed with the Indian bourses
| Company |
| Tata Consultancy Services Ltd (TCS) |
| Tata Motors Ltd |
| Tata Steel Ltd |
| Tata Power Company Ltd |
| Indian Hotels Company Ltd (IHCL) |
| Tata Consumer Products Ltd |
| Tata Communications Ltd |
| Tata Elxsi |
| Titan Company Ltd |
| Trent Ltd |
| Tata Chemicals Ltd |
| Voltas Ltd |
| Tata Investment Corporation Ltd |
| Nelco Ltd |
| Tata Metaliks Ltd |
| Tata Technologies |
| Tejas Networks |
| Tata Teleservices Maharashtra |
| Oriental Hotels |
Tata Capital IPO Live: Geographical reach
Tata Capital has a widespread presence across India, with 1,516 branches in 27 states and union territories, supported by over 30,000 agents and digital partners, enabling it to serve both urban centers and rural towns.
Tata Capital IPO Live: Product offerings
The company provides more than 25 financial products, including car loans, business loans, home loans, wealth management services, insurance distribution, and credit cards.
Tata Capital IPO Live: About Tata Capital
Tata Capital is a Non-Banking Financial Company (NBFC), which means it provides loans similar to banks but does not accept savings deposits from customers. Instead, it raises funds from banks, mutual funds, and other investors, and lends them to individuals and businesses at slightly higher interest rates. The difference in interest earned forms the company's profit.
Tata Capital IPO Live: Tata Capital IPO subscription status so far
Qualified Institutional Buyers (QIBs) -- 0.55
Non Institutional Investors(NIIS) -- 0.45
Retail Individual Investors (RIIs) -- 0.52
Employee Reserved -- 1.58
Total -- 0.52
Tata Capital IPO Live: Tata Capital IPO subscribed 46% on Day 2 so far; check latest GMP
The initial public offer of non-banking financial company Tata Capital Ltd received 46% subscription so far on the second day of bidding on October 7. The IPO got bids for 15,27,94,428 shares against 33,34,36,996 shares on offer, according to details available with the NSE. The quota for Qualified Institutional Buyers (QIBs) got subscribed 52%, while the category for Retail Individual Investors (RIIs) received 45% subscription. The portion meant for non-institutional investors attracted 38% subscription. The employee portion got booked 137%. (Read More)
Tata Capital IPO Live: Muted grey market premium reflects investor caution on Tata Capital IPO
The subdued grey market premium (GMP) indicates that investors are cautious about near-term gains in the Tata Capital IPO. Market experts cite three key reasons behind this muted response.
Firstly, the IPO's pricing leaves little room for short-term upside. At the upper end of the price band, Tata Capital is valued at around 4.2-4.3 times its post-issue book value, comparable to peers like Bajaj Finance and HDB Financial. Analysts note that much of the positive news, including the company's strong balance sheet and steady profitability, is already priced in.
Shruti Jain, Chief Strategy Officer at Arihant Capital Markets, told ET, "At 4.2-4.3x post-money, the IPO valuations don't leave much on the table for listing gains. While the fundamentals are strong, the current market is cautious, with several growth companies facing valuation pressures. That's why the GMP hasn't picked up despite Tata Capital's sound business model."
Tata Capital IPO Live: Day 2 subscription begins
As clock strikes 10 and the bidding for the Tata Capital IPO enters Day 2. While QIBs were leading the race on Day 1, stay with us for latest on subscription trends, cues from grey market and more.
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Tata Capital IPO Day 2 Live: Anand Rathi recommends 'Subscribe for Long Term' on IPO
Anand Rathi has assigned a "Subscribe for Long Term" rating to the IPO, noting, "At the upper price band, the company is valued at a P/E of 32.3x and a P/B of 3.5x based on FY25 earnings, with a post-issue market capitalisation of Rs 13,83,827 million. We believe the IPO is fully priced and recommend subscribing for the long term."
Tata Capital IPO Day 2 Live: Lakshmishree Investment recommends 'subscribe' on Tata Capital IPO for long-term investors
Assigning a 'subscribe' rating to the public issue, Anshul Jain, Head of Research at Lakshmishree Investment, said the IPO is backed by both strategic expansion goals and regulatory requirements mandating the listing of Upper Layer NBFCs. He noted that the proceeds from the fresh issue would fortify the company's Tier 1 capital base, enabling stronger lending capacity and fueling growth in high-potential segments such as retail and green finance. "Given the company's robust fundamentals, brand strength, and reasonable valuation, we advise investors looking for long-term exposure to a stable, blue-chip financial services player to subscribe," Jain added.
Tata Trusts’ power struggle: Sources flag rift over Noel Tata’s authority and possible Tata Sons listing
The Tata Trusts, which own about 66 percent of Tata Sons and exert decisive influence over the country’s most valuable conglomerate, find themselves in the limelight over an apparent clash over governance between two sections of the trustees. The Board of Tata Trusts is scheduled to meet on October 10, a meeting that will be closely watched given the backdrop of mounting disagreements over governance, transparency, and the looming question of a possible listing by Tata Sons. (Read More)
First Tick: Top global cues to watch in today’s trade
Indian benchmark indices Sensex and Nifty are likely to see a flat opening start on October 7, with cues from GIFT Nifty, which was trading near 25,153.50. The stock market started the week on a positive note with the benchmark Nifty 50 extending gains for a third consecutive session on October 6, closing above the 25,000 level, led by IT and financials. (Read More)
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Tata Capital IPO Day 2 Live: Credit ratings
Tata Capital Ltd. holds a "AAA" rating with a stable outlook from CRISIL, ICRA, CARE, and India Ratings. Its commercial papers are rated "A1+" by CRISIL, ICRA, and India Ratings as of June 30, 2025, reflecting its strong credit profile and low-risk position within the non-banking finance sector.
Tata Capital IPO Day 2 Live: Lead managers to the issue
The book running lead managers (BRLMs) for the Tata Capital IPO are Kotak Mahindra Capital Company Ltd., Axis Capital Ltd., BNP Paribas, Citigroup Global Markets India Pvt. Ltd., HDFC Bank Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd., J.P. Morgan India Pvt. Ltd., and SBI Capital Markets Ltd.
Tata Capital IPO Day 2 Live: Valuation and brokerage view
At the upper end of the issue price band of Rs 326 per share, the company is valued at 3.4× its estimated June 2025 Book Value Per Share (BVPS) on a post-issue basis. According to Antique Stock Broking Ltd, post-merger with TMFL, credit costs increased (FY25: 0.9% excluding TMFL vs. 1.4% including TMFL), leading to a decline in Return on Assets (RoA) from 2.1% to 1.8% and Return on Equity (RoE) from 14.2% to 12.6%. The brokerage noted that normalising credit costs in the vehicle finance segment and achieving merger synergies will be crucial for restoring RoEs to around 15%, in line with peers such as HDB Financial, which trades at 3.5× June 2025 BVPS.
Tata Capital IPO Day 2 Live: Objective of the issue
The proceeds from the IPO will be used to augment the company's Tier-I capital base to meet future capital requirements, including onward lending. Tata Capital Ltd (TCL) is required to maintain a Capital to Risk-Weighted Assets Ratio (CRAR) of at least 15%-comprising Tier I and Tier II capital-on an ongoing basis under the NBFC Scale-Based Regulations. The company must also maintain a minimum Tier-I capital of 10% at all times.
Tata Capital IPO Day 2 Live: Tata Capital IPO enters Day 2
Tata Capital IPO enters Day 2 with a moderate start on the opening day, when the issue was subscribed 0.39 times overall. The Qualified Institutional Buyers (QIB) portion drew bids for 0.52 times the shares on offer, while Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) subscribed 0.29 times and 0.35 times, respectively. The employee quota saw the strongest interest at 1.10 times. As the subscription window continues today, focus shifts to whether retail and institutional participation will gather pace amid steady grey market premium (GMP) trends and positive sentiment around the Tata brand.
