India's biggest IPO of 2025 lists at 1.2% premium
What's the story
Tata Capital made a muted debut on the stock exchanges today, listing at a 1.2% premium. The company's shares opened at ₹330 on both BSE and NSE, slightly above the upper price band of ₹326 set for its initial public offering (IPO). The ₹15,511.87 crore IPO was fully subscribed 1.96 times with Qualified Institutional Buyers (QIBs) leading the charge.
Subscription breakdown
IPO was fully subscribed during the 3-day bidding process
The Retail Individual Investors (RIIs) portion of Tata Capital's IPO was subscribed 1.1 times, while the Non-Institutional Investors (NIIs) quota was booked 1.98 times during the three-day bidding period. QIBs booked their allotted shares 3.42 times. The company plans to use proceeds from this fresh issue to strengthen its Tier-I capital base and support future lending capacity and overall growth.
Financial growth
Revenue jumped 56% between FY23 and FY25
Between FY23 and FY25, Tata Capital witnessed a 56% jump in revenue and a 10% rise in profit after tax to ₹3,655 crore. The company's gray market premium (GMP) has also been on a steady decline. Ahead of its IPO, Tata Capital raised ₹4,642 crore from anchor investors with LIC India emerging as the largest anchor investor.
Business diversification
Third-largest diversified NBFC in India
A wholly-owned subsidiary of Tata Sons, Tata Capital is the flagship financial services arm of the Tata Group. The company offers a wide range of financial services including retail, SME and corporate lending, wealth management, investment banking and distribution of third-party financial products. As of June 2025, it had total assets worth ₹2.52 lakh crore and a gross loan book worth ₹2.33 lakh crore making it India's third-largest diversified NBFC after Bajaj Finance and Shriram Finance.