Unlisted shares of the Tata Capital IPO are currently trading around Rs 795 per share. It has fallen over 20% from all-time highs of Rs 1,100 per share. However, the unlisted shares had earlier hit an all-time low of Rs 415 per share. The popular expectation is that the IPO pricing could be closer to these levels.
Crisil on Tata Capital business fun
Let’s now take a look at how Tata Capital stacks up against its listed peers-
Crisil Intelligence has benchmarked Tata Capital with the financial and operating performance of upper-layer NBFCs operating in diversified segments in India based on the latest available data for FY23, FY24 and FY25.
According to them, “Tata Capital is the third largest diversified non-banking financial company in India with a gross loan book of Rs. 2,265.5 billion as of March 2025. It is one of the fastest-growing NBFCs in terms of gross loans among large diversified NBFCs from March 2023 – March 2025 at 37.3%.”
The report pointed out that Tata Capital has “the highest CAGR in terms of number of branches between FY23-FY25 at 66.6%.”
Unlisted shares of Tata Capital set to fall further after 20% decline?
Some of the most tracked recent IPOs like HDB Financial Services and NSDL saw the IPO being priced at a significant discount to the unlisted share price. This has led to some apprehension about the Tata Capital IPO share price in the unlisted market too. The prices have already fallen 20% from the highs above Rs 1,000 levels.
Manan Doshi from UnlistedArena.com dealing in unlisted shares expects the IPO pricing to come in “much lower than the current market prices.The IPO size is expected to be bulky, so I think the company would price it competitively for the investors. Secondly, the rights issue, undertaken just a few weeks ago, was at a significantly lower level. Maybe it could be higher than the right issue price, but it could be more or less in that range of the right issue price.”
The company’s rights issue was at Rs 343 per share. This level is below the all-time lows that the Tata Capital share price has hit thus far. As a result, the popular perception is that prices may slip below the current levels.
Tata Capital valuation at a premium
Another reason why the market expects a further fall in unlisted shares of Tata Capital is on account of the valuation premium. At a projected issue size of reportedly Rs 17,000 crore, the valuation of Tata Capital IPO is seen at a premium compared to some of its listed peers like Bajaj Finance, Bajaj FinServ and L&T Finance.
As a result, the market expects some rationalization ahead of the IPO date and size announcement.
HDB Financial and NSDL share price movements not right indicators
There has been some comparison between the fall in share price of unlisted shares of Tata Capital and that of similar big-ticket issues like NSDL and HDB Financial ahead of their listing. However, analysts say that the share price movement is stock-specific, be it the unlisted platform or the listed entities.
They highlighted how the NSDL share price shot up over 30% after listing, well over the unlisted share price levels. However, in comparison, HDB Financial Services’ share price is down nearly 5% from its its listing levels.
Manan Doshi of UnlistedArena.com explained that there is no link between the fall in Tata Capital unlisted share price and others. According to him, “the fall in Tata Capital’s unlisted share is due to company specific triggers. The IPO price is expected to be quite lower,” and that is what is impacting sentiment.