Tata Capital IPO Day 1 GMP: Tata Capital IPO subscribed 38% - Check latest GMP, listing date and more

"Tata capital is expected to list slightly above the higher end of its price band close to Rs 326 per share. This will give it a P/E of close to 34 which will similar to Bajaj finance which has one of the highest valuation in NBFC space. We believe that Tata capital is getting the higher premium due to the Tata brand and it being one the key NBFCs which has show consistent growth while improving operational metrics," said Shravan Shetty, Managing Director, Primus Partners.

The initial public offering of Tata Capital was subscribed 39 percent on Day 1. The maiden public issue of the company received bids for nearly 13 crore shares, as against the offer size of 33 crore shares, according to data on NSE.

Qualified Institutional Buyers (QIB) subscribed 52 percent of their reserved portion, while those kept for retail and non institutional investors (NII) have been booked 35 percent and 29 percent, respectively.

• Qualified Institutional Buyers(QIBs) - 0.52 times
• Non Institutional Investors - 0.27 times
• Retail Individual Investors(RIIs) - 0.34 times
• Employees - 1.06 times

Total - 0.38 times

While the valuation seems to be strong in tune with large NBFCs, the lower grey market estimates indicate cautious investor optimism, said Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara. “With a diversified lending book covering consumer and MSME finance and with robust risk management in place, Tata Capital shows good fundamentals. Though the issue is priced fully, it offers a strategic opportunity to long-term investors to invest in a well-established financial institution, well-placed for long-term growth in India's growing credit market,” he added.

Qualified Institutional Buyers (QIBs)        0.32

Non Institutional Investors(NIIS) 0.20

Retail Individual Investors (RIIs) 0.28

Employee Reserved - 0.90

Total --0.28

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)

Qualified Institutional Buyers (QIBs)        -- 0.29 times

Non Institutional Investors(NIIS) - 0.16times

Retail Individual Investors (RIIs) -- 0.24 times

Employee Reserved -- 0.75 times

Reservation Portion Shareholder -- -

Total --  0.24 times

The Tata Capital IPO last recorded a grey market premium (GMP) of Rs 10, as of 6 October 2025, 10:59 AM, Investorgain.com reported. With a price band of Rs 326 per share, the IPO’s estimated listing price is pegged at Rs 336 (cap price plus today’s GMP), implying a potential gain of 3.07% per share.

The equity benchmark indices traded higher on Monday, tracking firm global cues and strong buying in banking shares. At around 11:15 a.m., Sensex climbed 398.88 points or 0.49 percent to 81,606.05, while the broader Nifty advanced to 25,013.55, up 119.30 points or 0.48 percent. Max Healthcare, Shriram Finance, Apollo Hospitals Enterprise, Axis Bank and Bajaj Finance were among top gainers, rising up to 5 percent intraday. (Read More)

The company is well-positioned to command a valuation premium, given its strong parentage and the market’s bias towards quality names in the financial services space (Read More)

The initial public offering of Tata Capital opened for public bidding today, October 6. The Rs 15,512-crore mega IPO of the non banking financial institution has been subscribed 19 percent so far. The maiden public issue of the company received bids for nearly 6.5 crore shares, as against the offer size of 33 crore shares, according to data on NSE at 11.30 am. Qualified Institutional Buyers (QIB) subscribed 29 percent of their reserved portion, while those kept for retail and non institutional investors (NII) have been booked 17 percent and 11 percent, respectively. (Read More)

Qualified Institutional Buyers (QIBs) -- 0.29 times

Non Institutional Investors(NIIS) -  0.09 times

Retail Individual Investors (RIIs) -  0.13 times

Employee Reserved - 0.43 times

Total - 0.17

Canara Bank Securities has assigned a "subscribe" rating for the Tata Capital IPO for long-term investors. The firm noted that Tata Capital is well-positioned in India's growing NBFC sector, with strong opportunities in retail and SME lending, supported by digital innovation.

Its diversified portfolio, Tata brand trust, prudent liability management, superior asset quality, and AI-enabled "phygital" model form a strong foundation for long-term growth. The IPO is priced at 4x FY25 P/B, in line with industry peers.

Post-merger integration effects from Tata Motors Finance are expected to stabilize, underpinned by AAA credit ratings and a resilient funding profile. Macro tailwinds, including India's economic growth and digital adoption, support the business, while potential risks include regulatory changes, interest rate volatility, and competition.

According to The Economic Times, the unrest within Tata Trusts has been brewing for months, with tensions sharpening as the terms of key trustees near renewal. The reappointment process, which requires unanimity, could become contentious amid allegations of conflict of interest, weak financial disclosures, and broader governance lapses.

Government officials told ET they are increasingly worried after learning that some trustees have been demanding access to Tata Sons' board agendas and minutes, seeking prior approvals for key decisions, and even questioning the appointment of independent directors. One trustee has allegedly been targeting board members over strategic decisions taken at certain group firms.

Meanwhile, the Shapoorji Pallonji Group, which holds an 18.37% stake in Tata Sons and continues to grapple with debt, has been advocating for a listing to unlock much-needed liquidity, The Economic Times said.

And the wait ends! 2025's biggest public offer - Tata Capital - is open for subscription now. Stay with us for GMP and other live updates

The meeting also coincides with a crucial regulatory timeline for Tata Sons. September 30 marked three years since the RBI categorized the company as an "upper-layer" non-banking financial company (NBFC) - a classification that mandates public listing within three years. In March 2024, Tata Sons applied to deregister itself as an NBFC, seeking exemption from both the listing requirement and the associated compliance framework. The central bank's response remains pending, ET reported.

Tata Investment Corporation shares snapped their previous session’s decline, trading higher in early deals today at Rs 10,080 per share on the NSE, up 0.78 percent at 9:45 a.m.

The internal friction has become a major concern across Tata entities, The Economic Times noted, particularly as the group faces hurdles in restructuring its board amid uncertainty over trustee appointments.

Sources told ET that the upcoming Delhi meeting aims to find a solution ensuring the smooth functioning of Tata Trusts and preventing the turmoil from spilling over to the group's companies. Tata representatives expected to attend the discussions did not respond to email queries seeking comment, the report added.

The discord intensified following an email from one trustee to others, viewed as a veiled warning to remove Venu Srinivasan from the Tata Sons board - mirroring Singh's ouster. Officials cited by The Economic Times said the communication has triggered concerns over an attempt to "hijack Tata Sons" and consolidate control, potentially destabilizing the group's governance framework.

Tensions escalated when Vijay Singh, a former Defence Secretary and Tata Sons nominee director, was removed from the board - a move opposed by Noel Tata and Venu Srinivasan, but backed by Pramit Jhaveri, Darius Khambata, and Jehangir Jehangir, ET noted. The same meeting also discussed appointing trustee Mehli Mistry to the board, further deepening divisions.

The Economic Times earlier reported that the current unrest stems from a September 11 meeting of Tata Trusts, which exposed deep divisions among trustees nearly a year after the passing of Ratan Tata. The fault lines reportedly revolve around control mechanisms - particularly the appointment of nominee directors to Tata Sons and how much information about board deliberations should be shared with other trustees.

According to the report, the meeting will focus on two main issues:

Containing internal divisions among trustees to prevent the feud from affecting Tata Sons' operations, and

Discussing the path forward on the public listing of Tata Sons, mandated under the Reserve Bank of India's 2022 regulations.

Two senior cabinet ministers are set to meet in New Delhi this week with four key Tata figures - Noel Tata (Chairman, Tata Trusts), Venu Srinivasan (Vice-Chairman, Tata Trusts), N Chandrasekaran (Chairman, Tata Sons), and Darius Khambata (Trustee, Tata Trusts) - to review the unfolding situation, ET said.

While there is a buzz around today's listing, there's more action happening at Bombay House. The government is gearing up to intervene in the growing tensions within the Tata Group, with senior ministers planning to meet top company leaders amid rising discord at Tata Trusts, the majority shareholder of Tata Sons, The Economic Times reported. The move comes as concerns mount that the internal rift could disrupt the functioning of India's most valuable business conglomerate.

India’s initial public offering (IPO) calendar is entering a record-setting week, with fundraises topping Rs 30,000 crore—the largest in a single week. Nearly 90 percent of that will come from just two offerings: Tata Capital’s Rs 15,511 crore issue and LG Electronics India’s Rs 11,607 crore offer-for-sale (OFS). The sheer scale is set to strain secondary markets, where buying support could dry up. Although equities closed higher for second straight sessions on Friday, experts caution the rally may stall. “Secondary markets will see some sluggishness due to a liquidity crunch, especially in midcaps and smallcaps,” said Pankaj Tibrewal, founder, Ikigai Investments. (Read More)

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 as the book-running lead managers for the issue.

The NBFC has set the price band for its initial public offering at Rs 310 to Rs 326 per share.

As per Investorgain.com, the Tata Capital IPO is showing a latest grey market premium (GMP) of Rs 7.5, updated at 7:00 AM. Considering the price band of Rs 326, the IPO's estimated listing price is around Rs 333.5 per share, reflecting a potential gain of about 2.30%.

How should you trade Aditya Birla Capital, Hero MotoCorp, JSW Steel, Can Fin Homes, Shyam Metalics, Poonawalla, and others on October 6? Read Here 

HDFC Bank, Bajaj Finance, IndusInd, Aditya Birla Lifestyle, Lupin, Infosys, Ceigall India, Sobha, Kotak Bank in focus on 06 October (Read More)

The last record week for the Indian primary market was led by passenger vehicle maker Hyundai Motor India alone, which had raised Rs 27,859 crore in October 2024. (Read More)

On its growth roadmap, Tata Capital said it aims to sustain its current growth trajectory by expanding product offerings and strengthening its distribution network. The company also plans to maintain its strong credit rating and optimise borrowing costs through a balanced liability mix, while continuing to attract and retain top talent to support its long-term strategy.

Analysts at SBI Securities have outlined several key strengths driving Tata Capital's investment appeal. These include the company's strong Tata Group parentage, diversified product portfolio, and an omni-channel distribution model that enhances customer reach. They also pointed to its prudent risk management practices, which have ensured stable asset quality, alongside a high credit rating supported by a well-diversified liability profile.

The Rs 15,512-crore IPO proceeds will be utilised to boost Tata Capital's Tier-1 capital base, supporting its future capital requirements and onward lending operations as the company looks to scale its financial services business.

Ahead of its public launch, Tata Capital raised Rs 4,642 crore from 68 domestic and global institutional investors through its anchor book. The anchor portion was oversubscribed nearly five times, reflecting robust demand from marquee investors.

Leading the line-up, Tata Capital's public issue opens for subscription today. This marks the Tata Group's second major listing in recent years, following the successful debut of Tata Technologies in November 2023.

The primary market is bracing for an action-packed week as two heavyweight firms - Tata Capital and LG Electronics India - prepare to launch their initial public offerings (IPOs), together valued at over Rs 26,000 crore. Both issues are expected to attract strong investor interest, given their scale and the solid reputation of their parent groups.