The Tata Capital IPO is set to list on the BSE and NSE on October 13, 2025, and investors are keenly watching the grey market premium (GMP) to gauge potential listing gains. The IPO, which was open for subscription from October 6 to October 8, saw decent demand and the allotment was finalized on October 9.
Subscription Status and IPO Details
The Tata Capital IPO was subscribed 1.95 times. The IPO consists of a fresh issue of 21 crore equity shares and an offer for sale (OFS) of 26.58 crore shares. The price band for the IPO was ₹310 to ₹326 per share, with a lot size of 46 shares. This translates to a minimum investment of ₹14,996 for retail investors at the upper price band.
Grey Market Premium (GMP) Trends
The grey market premium (GMP) is an unofficial indicator of the expected listing price, reflecting market sentiment. The GMP for Tata Capital IPO has fluctuated. Initially, before the IPO opened, the GMP was around ₹30-31. However, it decreased during the bidding period, dropping to approximately ₹3.50.
As of October 10, 2025, the GMP has shown some recovery. Several sources indicate a GMP ranging from ₹6 to ₹7.
Listing Price Prediction
Based on the latest GMP figures, the estimated listing price can be calculated by adding the GMP to the upper end of the IPO price band (₹326).
- Based on a GMP of ₹7: The estimated listing price would be ₹333, a premium of approximately 2.15% over the IPO price.
- Based on a GMP of ₹6: The estimated listing price would be ₹332, a premium of approximately 1.84% over the IPO price.
- Based on a GMP of ₹6.50: The estimated listing price would be ₹332.50.
Some reports suggest an expected listing price of around ₹329.5, based on earlier GMP data.
Factors Influencing GMP
It's important to note that GMP is not a guaranteed indicator and is subject to change based on several factors, including:
- Market sentiment
- Subscription demand
- Institutional investor participation
- Overall trends in the NBFC and financial sector
Company Overview
Tata Capital is the flagship financial services company of the Tata Group, with a legacy spanning over 150 years. It is the third largest and fastest-growing diversified NBFC in India, with a loan book of ₹2.33 lakh crore as of June 2025. The company offers a comprehensive suite of 25 lending products, serving retail, SME, and corporate clients.
Financial Performance
Tata Capital's financial performance has been promising. Revenue from operations grew at a CAGR of 44% from FY23 to FY25, reaching ₹28,370 crore in FY25. Profit after tax also rose steadily, from ₹2,946 crore to ₹3,655 crore.
Key Considerations for Investors
While the GMP provides some insight into potential listing gains, investors should also consider the company's fundamentals, growth prospects, and overall market conditions. The IPO was launched to comply with RBI regulations, which require upper layer NBFCs to be listed on stock exchanges.
