Tata Capital IPO allotment finalised; here's what GMP hints for D-St debut

Tata Capital shares are scheduled to list on exchanges on Monday, October 13, 2025. Here's what the latest grey market premium (GMP) hints at regarding the tentative listing

Tata Capital IPO listing forecast: As the allotment process for Tata Capital’s initial public offering (IPO) shares has concluded, investors now await the D-Street debut of the Tata Group’s flagship non-banking financial company (NBFC). The IPO, which is the largest public issue of 2025, raised ₹15,511 crore from the markets.

 

Tata Capital shares are scheduled to list on exchanges on Monday, October 13, 2025. However, early cues from the grey market suggest subdued investor enthusiasm. The unlisted shares of Tata Capital, according to sources tracking unofficial market activity, were changing hands at around ₹331.5 apiece, indicating a modest premium of ₹5.5, or 1.69 per cent, over the IPO issue price of ₹326.

 

 

If these grey market trends persist, the stock may open at roughly ₹331, providing investors who were allotted shares during the IPO with a modest listing gain of just over 1 per cent. That said, investors should remain cautious, as grey market premiums (GMP) are informal and unregulated, and may not reliably forecast actual listing performance.  ALSO READ | LG Electronics IPO explodes with record bids: Check allotment status, GMP

A glance at Tata Capital IPO details

The NBFC IPO structure comprised a fresh equity issuance worth ₹6,846 crore alongside an OFS of worth ₹8,665.87 crore wherein promoter Tata Sons divested 230 million shares and the International Finance Corporation (IFC) sold approximately 35.82 million shares. The price band was set  between ₹310 and ₹326 per share, with a lot size of 46 shares.

 

The issue received strong backing from anchor investors, who collectively committed ₹4,642 crore. Global investment banks such as Morgan Stanley, Goldman Sachs, and Nomura participated actively during the anchor bidding round. Insurance behemoth Life Insurance Corporation of India (LIC) emerged as the largest anchor investor, securing 15.08 per cent of the anchor allocation with an investment of ₹700 crore.

 

Despite this, the NBFC witnessed tepid demand from investors for its offering during the initial days of subscription. The issue, however, saw a surge in interest from qualified institutional buyers (QIBs) and non-institutional investors (NIIs) on the final day, culminating in a total subscription of 1.95 times, showed BSE data.  ALSO READ | GMP shows upbeat mood for Canara HSBC Life IPO; here's all you need to know 

Further, it is worth noting that Tata Capital will not receive any proceeds from the OFS portion of the IPO. The proceeds from the OFS will accrue to the selling shareholders—Tata Sons and IFC—after accounting for related expenses and taxes. However, the funds raised through the fresh equity issuance, the company said, will be utilised to strengthen Tata Capital’s Tier-I capital base, supporting its future growth and lending activities. A portion of the capital will also cover IPO-related expenses, as outlined in the company’s red herring prospectus (RHP).