Tata Capital IPO is opened for subscription today, is set to be the biggest IPO of the year 2025 so far which will offer exposure to the financial services arm of one of India’s largest and most-reputed conglomerates. The company, incorporated in 2007, offers a range of financial products and services to retail, corporate and institutional clients. Its assets under management stood at 2.33 trillion rupees as of June 2025, catering to 73 million customers. TCL operates as a non-banking financial company (NBFC) in India, offering a wide range of financial products and services to retail, corporate, and institutional customers.
Key Offerings:
- Consumer Loans: Personal loans, home loans, auto loans, education loans, and loans against property.
- Commercial Finance: Term loans, working capital loans, equipment financing, and lease rental discounting for businesses.
- Wealth Management: Services including portfolio management, investment advisory, and distribution of financial products.
- Investment Banking: Equity capital markets, mergers and acquisitions advisory, and structured finance solutions.
- Private Equity: Managing funds that invest in companies with significant growth potential.
- Cleantech Finance: Financing and advisory services for projects in renewable energy, energy efficiency, waste management, and water management.
Tata Capital IPO – Issue Size , Subscription dates & Price – Bands
IPO issue of of 15,512 crores. The issue is a combination of fresh issue of 21 Crore shares which aggregates to 6846 Cr & offer for sale of 26.58 crore shares aggregating to 8,665 crores.
Tata Capital IPO opens for subscriptions to all stakeholders on Oct 6, 2025 and closes on Oct 8, 2025. The allotment for the Tata Capital IPO is expected to be finalized on Oct 9, 2025. Tata Capital IPO will list on BSE, NSE with a estimated date fixed as Oct 13, 2025.
Tata Capital IPO price band is set at 310 to 326 per share with lot size of 46 for single application . The minimum amount of investment for retail investor is 14996 (based on upper cut-off). The lot size investment for HNI’s is 14 lots (644 shares), amounting to 2,09,944, and for ultra HNI’s it is 67 lots (3,082 shares), amounting to 10,04,732.
Tata Capital IPO – Fundamentals & Competitor Analysis
| Financial Years | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets in Cr | 2,52,254 | 2,48,465 | 1,76,693 | 1,35,626 |
| Revenue in Cr | 7,692 | 28,369 | 18,198 | 13,637 |
| PAT in Cr | 1,040 | 3,655 | 3,326 | 2,945 |
| EBIDTA (Cr) | 5,565 | 20,338 | 14,247 | 10,763 |
| Net Worth (Cr) | 32,761 | 32,587 | 23,540 | 17,959 |
| Reserves (Cr) | 29,260 | 24,299 | 18,121 | 11,899 |
| Borrowing (Cr) | 2,11,851 | 2,08,414 | 1,48,185 | 1,13,335 |
At the top end of the price band of ₹326 per share, Tata Capital IPO would be valued at 33 times its earnings over the last twelve months and 4.2 times its book value. Compare that to its peers, which trade at a P/E (Price-to-Earnings ratio) of 27.2 and a P/B (Price-to-Book value) of 3.6, and it’s clear the stock looks a bit pricey.
“Tata capital IPO is expected to list slightly above the higher end of its price band close to Rs 326 per share. This will give it a P/E of close to 34 which will similar to Bajaj finance which has one of the highest valuation in NBFC space. We believe that Tata capital is getting the higher premium due to the Tata brand and it being one the key NBFCs which has show consistent growth while improving operational metrics,” said Shravan Shetty, Managing Director, Primus Partners.
Tata Capital IPO GMP:
Ahead of listing, the unlisted shares of the company were trading with nearly 4 percent grey market premium (GMP) over the IPO price, according to data on various sites
According to IPO Watch, the unlisted shares were trading with around 2 percent GMP.
Tata Capital IPO Anchor Book
Before the IPO opened for public bidding, the flagship financial services company of the Tata group raised Rs 4,641.8 crore from 135 anchor investors on October 3. Insurance major Life Insurance Corporation (LIC) emerged as the biggest anchor investor in the IPO.
