The initial public offering (IPO) of non-banking financial company (NBFC) Tata Capital received a muted response from retail investors on Monday, which is the first day of bidding, as per National Stock Exchange (NSE) data.
The issue was subscribed by only 38 per cent, compared to the issue size of 333.43 million shares, on October 6, according to NSE data.
Tata Capital IPO is a book building issue of Rs 15,511.87 crores. The issue is a combination of fresh issue of 21.00 crore shares aggregating to Rs 6,846.00 crores and offer for sale of 26.58 crore shares aggregating to Rs 8,665.87 crores. The price band is set between Rs 310 and Rs 326 per share. The minimum lot size for an application is 46 and the minimum amount required for a retail investor is Rs 14,260 (46 shares) based on the lower price band.
The three-day bidding window will close on Wednesday, October 8, 2025. The basis of allotment of shares is likely to be finalised on Thursday, October 9, 2025. Shares of Tata Capital will list on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), tentatively on Monday, October 13, 2025.
Tata Capital has informed that it will not receive any proceeds from the offer for sale (OFS), which will be given to the promoters and shareholders participating in the OFS. However, the company proposes to use the proceeds from the fresh issue towards augmentation of the company’s Tier-1 capital base to meet its future capital requirements, including onward lending, which are expected to arise out of the growth in the company’s business, and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.
Tata Capital Ltd (TCL), a subsidiary of Tata Sons Pvt Ltd and the flagship financial services arm of the Tata Group, is the third-largest diversified NBFC in India with Total Gross Loans of Rs 2.3 trillion as of June 2025.
Through a suite of more than 25 lending products, TCL serves a broad customer base, with a focus on retail and SME customers, which together constitute 87.5 percent of its total gross loan book as of June 2025.
The company operates on an omni-channel distribution model, blending physical presence with digital scale. It has a nationwide branch network of 1,516 branches across 27 states and union territories, supported by 30,000 district sales agents, 400 original equipment manufacturer (OEM) partnerships, besides more than 60 digital sourcing partners.