Tata Capital IPO: Rs 15,500 crore issue fully subscribed, where did GMP reach

News Topical, Digital Desk : Tata Capital's issue, the largest issue of 2025, has been fully subscribed. By noon on the third day, applications had exceeded the number of shares on offer. The issue received an overwhelming response from qualified institutional buyers. The company is raising ₹15,500 crore through the issue. According to combined NSE and BSE data, as of 11:45 am, the company received bids for 334.8 million shares, while a total of 333.4 million shares were on offer.

How was the response?

The QIB segment was subscribed 1.19 times by noon, with mutual funds and foreign investors driving the highest demand. The NII category saw 1.11 times subscription, and the retail category saw 0.84 times subscription. The employee reserve portion was subscribed 2.33 times. Tata Capital is offering a total of 475.8 million equity shares, comprising a fresh issue of 210 million shares and an offer for sale (OFS) of 265.8 million shares. These shares are being sold by promoter Tata Sons and investor International Finance Corporation (IFC). The company has set a price band of ₹310 to ₹326 per share. At the upper end of the price band, the company's valuation stands at approximately ₹1.38 lakh crore. At this level, the stock is valued at 3.4-4.1 times FY25 book value and 32-38 times earnings, in line with other large NBFCs. According to data compiled by InvestorGain, Tata Capital's IPO currently has a GMP of ₹7, which translates to a listing gain of just over 2%. The gray market premium was at ₹6 a day earlier, representing a slight increase. Keep in mind that the gray market is highly volatile, and there's no certainty that the actual listing will match the gray market projections. Therefore, the market merely gauges sentiment from this. Investment decisions are made based on the company's performance and valuation. 

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