 "The Tata group's unlisted financial services businesses have reported hefty profits for the year, with Tata Capital, the group's financial services business, reporting a profit of Rs 2,492 crore on revenues of Rs 13,309 crore, as per Tata Sons' annua")
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Tata Capital’s ₹15,512 crore mega initial public offering (IPO) — the fourth largest in the domestic market — was subscribed just twice, as the simultaneous launch of two big-ticket offerings drained liquidity.
The qualified institutional buyer (QIB) segment was subscribed 3.4 times, the high-net-worth individual category twice, the retail portion 1.1 times, and the employee quota 2.9 times.
Overall, the issue drew bids worth ₹21,230 crore and nearly 2.4 million applications.
A day before opening, Tata Capital allotted shares worth ₹4,641 crore to anchor investors.
The IPO valued the Tata group company at nearly ₹1.4 trillion, translating to around 3.5 times its book value.
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Analysts noted that while Tata Capital has solid fundamentals and growth prospects, the current pricing factors in most of the near-term upside. In the unlisted market just a year ago, the stock had traded above ₹1,000 per share.
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