Tata Capital's Rs 15,500-crore IPO witnessed strong final-day momentum on Day 3, with bids totalling 1.95 times the issue size, led by robust demand from qualified institutional buyers (QIBs). According to consolidated NSE and BSE data, investors had bid for more than 65 crore shares against the 33.34 crore shares on offer.

Tata Capital's public issue continued to attract heavy investor participation on its final day of bidding on Wednesday, 8 October. It remains the largest IPO of 2025 so far and the biggest since Hyundai Motor India’s listing last year.

Strong institutional and retail interest
The QIB category was subscribed 3.42 times, led by strong demand from mutual funds and foreign institutional investors. The non-institutional investors (NII) portion stood at 1.98 times, while the retail investor segment reached 1.1 times. The employee quota continued to see healthy interest at 2.92 times.
The IPO had earlier raised Rs 4,642 crore from 135 anchor investors on 3 October, including Life Insurance Corporation of India (LIC), Morgan Stanley, Goldman Sachs, Amansa Holdings, and several domestic mutual funds.

Offer details and valuation context
Tata Capital offered 47.58 crore equity shares, comprising a fresh issue of 21 crore shares and an offer-for-sale of 26.58 crore shares by promoter Tata Sons and investor International Finance Corporation (IFC).

The price band was fixed at Rs 310-326 per share, valuing the company at about Rs 1.38 lakh crore at the upper end. At that level, the stock is priced at roughly 3.4-4.1 times FY25 book value and around 32-38 times earnings, broadly comparable with large diversified NBFCs.