The stage is set for one of India’s most anticipated public offers of the year. The financial services arm of the Tata Group and an upper layer NBFC player, Tata Capital, is gearing up for its Rs 15,511 crore IPO on October 6.
In an interesting note, the company has trimmed its valuation from earlier expectations. This also makes this debut even more exciting. compared to investor.
Let’s take a look at the most important details of this upcoming issue –
Tata Capital IPO: Issue sizer lower than estimates
Earlier estimates had pegged Tata Capital’s IPO in the Rs 17,000– 17,500 crore bracket. The final size, however, comes in at Rs 15,511 crore, reducing the post-money valuation by nearly 5% to around $15.7 billion (Rs 1.39 lakh crore).
However, even with this cut, Tata Capital IPO remains the largest IPO of 2025 so far.
Tata Capital IPO: IPO price band at discount to unlisted shares
The price band of Rs 310–326 is also at a considerable discount to the unlisted share price of Tata Capital. The unlisted shares have corrected nearly 30% in the last 1.5 months. They were trading initially around Rs 1,000 per share mark and then corrected to Rs 700 per share levels. The unlisted shares are currently trading at Rs 550-600 per share levels. The issue price is at a significant discount to these levels.
Tata Capital IPO: Price band and what it means
The company has fixed its price range at Rs 310–326 per share with a face value of Rs 10 each. That is a sharp discount compared with Tata Capital’s last unlisted trade of Rs 735, and an even deeper cut from its April peak of Rs 1,125.
Tata Capital IPO: Structure of the issue
The offer combines both a fresh issue and an offer for sale (OFS). Around 21 crore fresh shares will raise new capital for the company, while the OFS of 26.58 crore shares will see Tata Sons and IFC (International Finance Corporation) partially cash out.
Collectively, this adds up to 47.58 crore shares on offer.
Tata Capital IPO: Timeline – when can you apply?
The subscription window for Tata Capital’s IPO opens on October 6 and will run until October 8, for retail, institutional and HNI investors.
Ahead of the official opening of this public issue, an anchor book is scheduled for October 3. This gives large institutions the first bite.
Tata Capital IPO: Grey market buzz
In the unofficial grey market, Tata Capital shares are trading at a premium of Rs 25–31 per share.
However, it is crucial to note GMP is not the actual listing price. It fluctuates based on the market sentiment.
Tata Capital IPO: Why is Tata Capital going public?
Tata Capital is required to list under regulatory norms, as an RBI-classified “upper-layer NBFC,”. But beyond compliance, the IPO also allows the firm to boost its Tier-I capital to support future lending and growth.
However, proceeds from the OFS will go to the selling shareholders, not the company.
Tata Capital IPO: Allotment and listing
After the three-day bidding process, the allotment process is expected to be finalised around October 9. After this, the refunds and demat credits are likely by October 10.
The stock will make its market debut on October 13, listed on both BSE and NSE.