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Tata Capital IPO 2025: All You Need to Know About India’s 3rd Largest NBFC’s Market Debut
Tata Capital Ltd, the financial arm of the Tata Group, is making headlines with its much-awaited IPO. As India’s third-largest NBFC, its diversified presence in consumer and commercial lending makes this issue one of the most anticipated listings of 2025. Here’s a closer look at what investors need to know.
Written by: SERNET Research Team
Table of Content
TATA CAPITAL LTD
Tata Capital Ltd, a subsidiary of Tata Sons, is one of India’s leading NBFCs with exposure across consumer loans, commercial loans, investment banking, private equity, and investment banking. Its lending products caters to all borrower classes. It operates through a network of 1,516 branches across 1,109 locations in India. It also acts as a third-party distributor of financial asset and liability products. Tata Capital Ltd is the third largest NBFC in India by asset size, and boasts of an omni-channel distribution model pan-India.
The IPO is a combination of a fresh issue and an offer for sale (OFS) with Tata Sons the major seller in the OFS. Tata Capital Ltd was promoted by Tata Sons Private Ltd; the holding company of the Tata group. The IPO will be lead-managed by Kotak Mahindra Capital, BNP Paribas, Citigroup, HDFC Bank, HSBC Securities, ICICI Securities, IIFL Capital, JP Morgan, SBI Capital Markets, and Axis Capital; while MUFG Intime India Private Ltd will be the registrar. The company is headquartered at Mumbai and is classified as an Upper Layer NBFC by RBI.
HIGHLIGHTS OF THE IPO ISSUE
Here are the key highlights of the public issue of Tata Capital Ltd.
- The IPO of will be open from October 06th, 2025 to October 08th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹310 to ₹326 per share.
- The IPO of Tata Capital Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by existing shareholders (Tata Sons and IFC).
- The fresh issue portion comprises the issue of 21,00,00,00 shares (2,100 lakh shares), which at the upper price band of ₹326 per share translates into ₹6,846 crore.
- The OFS of the IPO comprises the sale of 26,58,24,280 shares (2,658.24 lakh shares), which at the upper price band of ₹326 per share translates into ₹8,665.87 crore.
- Therefore, the overall IPO will comprise of the fresh issue and an offer for sale (OFS) of 47,58,24,280 shares (4,758.24 lakh shares) worth ₹15,511.87 crore at the upper band price of ₹326 per share.
The IPO of Tata Capital Ltd will be listed on the NSE and the BSE on the IPO mainboard.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Tata Capital Ltd
| Event | Tentative Date |
| IPO Open Date | Monday, 6 October, 2025 |
| IPO Close Date | Wednesday, 8 October, 2025 |
| Basis of Allotment | Thursday, 9 October, 2025 |
| Initiation of Refunds to non-allottees | Friday, 10 October, 2025 |
| Credit of Shares to Demat | Friday, 10 October, 2025 |
| Listing Date on NSE and BSE | Monday, 13 October, 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | 12,00,000 shares | 0.25% of total IPO size |
| Anchor Allocation | 14,23,87,284 shares | 29.92% of total IPO size |
| QIB Shares Offered | 9,49,24,856 shares | 19.95% of total IPO size |
| NII (HNI) Shares Offered | 7,11,93,642 shares | 14.96% of total IPO size |
| Retail Shares Offered | 16,61,18,498 shares | 34.91% of total IPO size |
| Total Shares Offered | 47,58,24,280 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Tata Capital Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 46 | ₹ 14,996 |
| Retail (Max) | 13 | 598 | ₹ 1,94,948 |
| S-HNI (Min) | 14 | 644 | ₹ 2,09,944 |
| S-HNI (Max) | 66 | 3,036 | ₹ 9,89,736 |
| B-HNI (Min) | 67 | 3,082 | ₹ 10,04,732 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 46 shares)
FINANCIAL HIGHLIGHTS
The table captures the key financials of Tata Capital Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 28,312.74 | 18,174.82 | 13,628.85 |
| Sales Growth (%) | 55.78% | 33.36% | |
| Profit after Tax (₹ in crore) | 3,664.66 | 3,150.21 | 3,029.20 |
| PAT Margins (%) | 12.94% | 17.33% | 22.23% |
| Total Equity (₹ in crore) | 33,191.81 | 23,417.13 | 17,339.86 |
| Total Assets (₹ in crore) | 2,48,465.01 | 1,76,693.98 | 1,35,626.10 |
| Return on Equity (%) | 11.04% | 13.45% | 17.47% |
| Return on Assets (%) | 1.47% | 1.78% | 2.23% |
| Asset Turnover Ratio (X) | 0.11 | 0.10 | 0.10 |
| Earnings per share (₹) | 9.30 | 8.60 | 8.40 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Being a financial services fund-based NBFC, the asset turnover may not be too relevant. What matters is the PAT margins which are in double digits and the return on assets (ROA), which close to 1.5%, even after the fall in the latest year.
VALUATION METRICS
At the current issue price of ₹326 per share, the valuation of the company is at a P/E ratio of 35.1X in terms of latest year EPS of ₹9.30. The EPS has been steady for the last 3 years with growth relatively muted. Hence, investors will have to compare the revenue to assets ratio and the net profit to assets ratio of Tata Capital with other similar-sized NBFCs before investing in the IPO. That would give a clearer picture.
However, Tata Capital does bring some strong intangibles to the table. The IPO will help in the augmentation of the Tier-1 capital base, which is essential for the company to grow its asset book. On the positive, the company does lay substantial emphasis on prudent risk management, which has enabled them to growth with limited risk of bad assets. It is also prepared for the changing face of digital marketing of financial services. However, investors in the IPO will have to take a longer-term view of 2-3 year to reap full benefits.
A BRIEF ON THE ANCHOR ALLOCATION
The anchor issue of Tata Capital Ltd saw a very strong response on 03rd October 2025 with 29.92% of the IPO size absorbed by anchors. Out of 47,58,24,280 shares (4,758.24 lakh shares) on offer, anchors picked up 14,23,87,284 shares (1,423.87 lakh shares) accounting for 29.92 of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹326 per share. This includes the face value of ₹10 per share plus a share premium of ₹316 per share. The anchor bidding process opened and closed on 03rd October 2025.
KEY POINTS TO NOTE
Here are the key details pertaining to the anchor bidding of Tata Capital Ltd
| Bid Date | October 03, 2025 |
| Shares Offered | 14,23,87,284 shares |
| Anchor Portion Size (₹ in crore) | ₹4,641.83 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | November 08, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 07, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
ANCHOR ALLOCATION INVESTORS
On 03rd October 2025, Tata Capital Ltd allotted 14,23,87,284 shares to 135 anchor investors. The allocation was done at the upper IPO price band of ₹326 per share which resulted in overall anchor allocation of ₹4,641.83 crore. The anchors have already absorbed 29.92% of the total issue size of ₹15,511.87 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹1,861.27 crores, or, 40.10% of anchor allocation.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | Life Insurance Corporation of India | 2,14,72,386 | 15.08% | ₹ 700.00 |
| 02 | Amansa Holdings Private Ltd | 53,68,062 | 3.77% | ₹ 175.00 |
| 03 | Nomura India Mother Fund | 53,68,062 | 3.77% | ₹ 175.00 |
| 04 | Morgan Stanley Asia Fund | 44,81,412 | 3.15% | ₹ 146.09 |
| 05 | Nippon India Large Cap Fund | 38,34,330 | 2.69% | ₹ 125.00 |
| 06 | Government Pension Fund Global | 38,34,330 | 2.69% | ₹ 125.00 |
| 07 | Morgan Stanley International Advantage | 36,09,712 | 2.54% | ₹ 117.68 |
| 08 | Motilal Oswal Large Cap Fund | 30,69,580 | 2.16% | ₹ 100.07 |
| 09 | SBI Pension Fund (NPS Manager) | 30,67,464 | 2.15% | ₹ 100.00 |
| 10 | HDFC Pension Fund (NPS Manager) | 29,88,817 | 2.10% | ₹ 97.44 |
| Grand Total | 5,70,94,155 | 40.10% | ₹ 1,861.27 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 14,23,87,284 shares allocated to the anchors in the IPO, there were a total of 5,06,25,668 shares allocated to mutual funds registered with SEBI. The allocation was made to 59 mutual fund schemes across 18 AMCs. Mutual funds accounted for 35.55% of the total anchor allocation of the IPO. LIC took the bulk of the overall anchor allocation, while global FPIs were very active in participating in the anchor allocation of Tata Capital Ltd.
NEXT STEPS IN THE TATA CAPITAL LTD IPO
Post the closure of the IPO subscription on 08th October 2025, the basis of allotment will be finalized on 09th October 2025 and the refunds will be initiated on 10th October 2025. In addition, the demat credits are expected to also happen on 10th October 2025 and the stock will list on 13th October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 10th October 2025 under ISIN (INE976I01016).
IPO SUBSCRIPTION STATUS ON DAY-1
As of 5.25 pm on 06th October 2025, out of the 3,334.37 lakh shares on offer in the IPO (excluding anchor portion), Tata Capital Ltd saw bids for 1,286.33 lakh shares. This implies an overall subscription of 0.39X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Tata Capital Ltd was as under:
| Employees (1.10X) | QIBs (0.52X) | HNI / NII (0.29X) | Retail (0.35X) |
The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 14,23,87,284 | 14,23,87,284 | 4,641.83 |
| Employee Quota | 1.10 | 12,00,000 | 13,19,602 | 43.02 |
| QIB Investors | 0.52 | 9,49,24,856 | 4,93,98,848 | 1,610.40 |
| HNIs / NIIs | 0.29 | 7,11,93,642 | 2,03,73,676 | 664.18 |
| Retail Investors | 0.35 | 16,61,18,498 | 5,75,40,986 | 1,875.84 |
| Total | 0.39 | 33,34,36,996 | 12,86,33,112 | 4,193.44 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to October 08, 2025, at which point we will know the final subscription status of the IPO.
Next Step in the IPO
Post the closure of the IPO subscription on 08th October 2025, the basis of allotment will be finalized on 09th October 2025 and the refunds will be initiated on 10th October 2025. In addition, the demat credits are expected to also happen on 10th October 2025 and the stock will list on 13th October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 10th October 2025 under ISIN (INE976I01016).
IPO Subscription Status On Day-2
As of 5.30 pm on 07th October 2025, out of the 3,334.37 lakh shares on offer in the IPO (excluding anchor portion), Tata Capital Ltd saw bids for 2,496.66 lakh shares. This implies an overall subscription of 0.75X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Tata Capital Ltd was as under:
| Employees (1.95X) | QIBs (0.86X) | HNI / NII (0.76X) | Retail (0.67X) |
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 14,23,87,284 | 14,23,87,284 | 4,641.83 |
| Employee Quota | 1.95 | 12,00,000 | 23,36,616 | 76.17 |
| QIB Investors | 0.86 | 9,49,24,856 | 8,14,50,774 | 2,655.30 |
| HNIs / NIIs | 0.76 | 7,11,93,642 | 5,38,32,328 | 1,754.93 |
| Retail Investors | 0.67 | 16,61,18,498 | 11,20,46,754 | 3,652.72 |
| Total | 0.75 | 33,34,36,996 | 24,96,66,472 | 8,139.13 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to October 08, 2025, at which point we will know the final subscription status of the IPO.
Next Step in the IPO
Post the closure of the IPO subscription on 08th October 2025, the basis of allotment will be finalized on 09th October 2025 and the refunds will be initiated on 10th October 2025. In addition, the demat credits are expected to also happen on 10th October 2025 and the stock will list on 13th October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 10th October 2025 under ISIN (INE976I01016)
IPO Subscription Status On Day-3
As of 7.15 pm on 08th October 2025, out of the 3,334.37 lakh shares on offer in the IPO (excluding anchor portion), Tata Capital Ltd saw bids for 6,512.31 lakh shares. This implies an overall subscription of 1.95X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Tata Capital Ltd was as under:
| Employees (2.92X) | QIBs (3.42X) | HNI / NII (1.98X) | Retail (1.10X) |
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also; albeit to a lesser extent. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 14,23,87,284 | 14,23,87,284 | 4,641.83 |
| Employee Quota | 2.92 | 12,00,000 | 35,07,454 | 114.34 |
| QIB Investors | 3.42 | 9,49,24,856 | 32,44,77,652 | 10,577.97 |
| HNIs / NIIs | 1.98 | 7,11,93,642 | 14,10,67,142 | 4,598.79 |
| Retail Investors | 1.10 | 16,61,18,498 | 18,21,78,400 | 5,939.02 |
| Total | 1.95 | 33,34,36,996 | 65,12,30,648 | 21,230.12 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Tata Capital Ltd was open up to October 08, 2025, and has closed for subscription as of the close of trading hours on October 08, 2025. The table above captures the final subscription status of the Tata Capital Ltd IPO as at 7.00 PM on October 08, 2025; the final cut-off time for deciding on the subscription. The above table, therefore, is the full and final subscription status of the IPO.
Next Step in the IPO
Post the closure of the IPO subscription on 08th October 2025, the basis of allotment will be finalized on 09th October 2025 and the refunds will be initiated on 10th October 2025. In addition, the demat credits are expected to also happen on 10th October 2025 and the stock will list on 13th October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 10th October 2025 under ISIN (INE976I01016).
About The Tata Capital Ltd IPO
The IPO of Tata Capital Ltd opened on October 06th, 2025 and closed on October 08th, 2025. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 47,58,24,280 shares (4,758.24 lakh shares) worth ₹15,511.87 crore at the upper price band of ₹326 per share. The allotment status will be finalized by end of day (EOD) of October 09, 2025. Here is how to check your allotment status for the IPO of Tata Capital Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).
Checking The Allotment Status of IPO on BSE Website
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity Option
- Under Issue Name – Select Tata Capital Ltd from the drop-down box
- Enter the Application Number / CAF exactly as in the acknowledgement slip OR
- Enter your PAN (10-digit alphanumeric) number
- Once this is done, you need to click on the Captcha to verify you are not a robot
- Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Tata Capital Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
Checking The Allotment Status of IPO on NSE Website
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity & SME IPO Details Option
- Under SELECT SYMBOL – Select TATACAP from the dropdown box
- Enter the Application Number / CAF exactly as in the acknowledgement slip AND
- Enter your PAN (10-digit alphanumeric) number
- Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Tata Capital Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
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