Tata Capital IPO Full Details: GMP, Lead Managers, Registrar, Issue Size & Timeline
Tata Capital IPO Complete Guide: Issue Size, Price, Dates, GMP, Lead Managers & Registrar
Tata Capital IPO 2025 is one of the most anticipated public issues of the year, marking the entry of Tata Group’s flagship financial arm into the stock market. With a massive issue size of ₹15,511 crore, the IPO opens for subscription on October 6, 2025, and closes on October 8, 2025. Backed by a strong brand, diversified financial services, and robust fundamentals, investors are keenly watching its GMP, price band, lot size, allotment date, and listing performance. Here’s a complete overview of the Tata Capital IPO—covering all essential details, from issue structure to key dates and lead managers.
1. Overview & Rationale
Company: Tata Capital Limited, flagship financial services arm of the Tata Group.
Business: Operating across retail finance, SME lending, corporate finance, and non-lending services (wealth management, insurance distribution, etc.).
Regulatory backdrop: As an “upper-layer NBFC” (per RBI classification), Tata Capital is required to get listed within three years of such designation.
The IPO is a mix of a Fresh Issue and an Offer for Sale (OFS) by existing shareholders (Tata Sons, IFC).
2. Issue Structure & Size
| Parameter | Detail |
| ------------------------------ | --------------------------------------------------------------------- |
| Total Offer Size | ₹15,511.87 crore |
| Number of Shares on Offer | Up to 47.58 crore equity shares (face value ₹10)
| Fresh Issue (to Company) | 21.00 crore shares (≈ ₹6,846 crore) |
| Offer for Sale (OFS) | 26.58 crore shares (≈ ₹8,665.87 crore) |
| Selling Shareholders (OFS) | Tata Sons (≈ 23 crore shares) & IFC (≈ 3.58 crore shares) |
Use of Funds (Fresh Issue portion)
The proceeds from the fresh issue are intended primarily to strengthen the company’s Tier-1 capital base, support the growth in lending business, and meet regulatory capital adequacy requirements.
3. Price Band, Lot Size & Minimum Investment
Price Band: ₹310 to ₹326 per equity share (face value ₹10)
Lot / Application Size: 46 shares per lot (multiples thereof)
Minimum Investment: For Retail one lot, ₹14,260 (i.e. 46 × ₹310)
sHNI (small High Net Worth Individual): A sub-category of Non-Institutional Investors (NII) — typically for IPO applications between ₹2,00,000 and ₹10,00,000.
bHNI (big High Net Worth Individual)**: Also a sub-category of NII — for IPO applications above ₹10,00,000.
QIB (Qualified Institutional Buyer)**: Institutions such as mutual funds, insurance companies, banks, FIIs etc. These applicants usually have no upper or lower bound (other than regulation / allocation constraints).
4. Timeline: Opening, Closing, Allotment & Listing
| Milestone | Date (Tentative / Confirmed) |
| --------------------------------------- | ----------------------------------------------------------------- |
| Anchor Investment / Placement | October 3, 2025 |
| IPO Opens (Public Subscription) | October 6, 2025 |
| IPO Closes | October 8, 2025 |
| Allotment Date / Basis of Allotment | October 9, 2025 (tentative) |
| Refunds & Demat Credit | October 10, 2025 (refunds initiated, shares credited) |
| Listing Date | October 13, 2025 (on BSE & NSE) |
Thus, the issue spans 3 days (6–8 Oct), with allotment likely the next day (9 Oct), refunds and credit on 10 Oct, and listing on 13 Oct.
5. Lead Managers, Registrar & Other Parties
Book Running Lead Managers (BRLMs) / Lead Managers
The IPO is being managed by a consortium of lead managers. Key names include:
Kotak Mahindra Capital, BNP Paribas, Citigroup Global Markets India, HDFC Bank, HSBC Securities & Capital Markets (India), ICICI Securities, IIFL Capital Services, J.P. Morgan India, SBI Capital Markets, Axis Capital.
Registrar / IPO Registrar
The registrar handling the issue is MUFG Intime India Pvt. Ltd.
6. Grey Market Premium (GMP) / Market Sentiment
GMP (Grey Market Premium)
Before the IPO opens, shares are trading in the grey / unlisted market at a premium relative to the IPO price band. The reported GMPs are fluctuating. Some snapshots:
On or before IPO open: ₹18 premium quoted (i.e. share trading at ₹326 + ₹18 = ~ ₹344)
On Day 1: GMP ~ 7.5 (as per some live trackers)
On Day 2: GMP ~ 12.5 (as per some live trackers)
Another view: GMP ~ ₹13 quoted just before open
Some platforms mention ~ ₹9 premium on day of opening
One source suggests a GMP of ~ ₹20 (prior to public subscription)
Caveat: GMP is an unregulated indicator and may not reflect the actual listing price. It is speculative.
7. Strengths, Risks & Valuation Considerations
Strengths / Positives
Strong Tata brand and group backing.
Large scale and diversified lending portfolio.
Available access to capital markets via IPO, improving visibility and liquidity.
Helps meet regulatory requirements for upper-layer NBFC listing.
Anchor investor response has been strong (₹4,642 crore approx raised from anchors).
Risks / Challenges
Valuation: The high issue size and premium expectations may be tough to justify relative to peers. Some reports mention drop in unlisted shares from previous highs.
Market volatility / sentiment can impact listing and subscription.
Credit / asset quality risk inherent in lending business.
Execution risk in scaling while maintaining capital adequacy.
Comparisons / Valuation metrics
The issue is priced at ₹310–₹326 range; with GMP, the implied listing price is being speculated in ₹330s+ region.
The IPO is one of the largest in India in 2025.
8. Summary & Key Takeaways
Tata Capital’s IPO is a major event in 2025, with a ₹15,511.87 crore size, mixing fresh issue and OFS. Public subscription is scheduled between 6–8 October 2025, with lot size of 46 shares.
Allotment and other post-issue steps are slated October 9 & 10, with listing planned for 13 October 2025 on BSE & NSE.
The lead managers include major investment banks like Kotak, Axis, ICICI, HDFC, HSBC, etc.
The registrar is MUFG Intime India Pvt. Ltd.
GMP has been fluctuating (₹7.5 to ₹18 or more) before listing—these are speculative and not guaranteed.
Investors should weigh growth prospects and risks, especially given the scale and high expectations from the issue.
Cautionary Instructions: I am not SEBI registered and the data given in this article is based on different references. No buying/purchasing suggestions are given here. This is only a detail of Tata Capital IPO, hence you should consult your financial consultant before making any buying/purchase decisions.
