Tata Capital Lists Flat, Inches Up After 2025’s Biggest IPO; Strong Investor Interest Seen

Mumbai: Tata Capital Ltd shares began trading on a flat note on Monday, listing at Rs 330—just 1.22 percent higher than the issue price of Rs 326—on both the NSE and BSE. Shortly after, the stock edged up to Rs 332 on the BSE, registering a 1.84 percent rise. Although the opening was not explosive, the listing still attracted attention due to the company’s strong fundamentals and massive IPO size.

India’s Largest IPO This Year

The Rs 15,512 crore IPO of Tata Capital was fully subscribed on the last day of bidding, with an overall subscription of 1.95 times. This makes it the largest public issue of 2025 so far. The price band for the IPO was set at Rs 310–Rs 326 per share, and the offer included a fresh issue of 21 crore equity shares and an Offer For Sale (OFS) of 26.58 crore shares.

Strong Financials and RBI Mandate Behind Listing

The IPO proceeds will be used to strengthen Tata Capital’s Tier-1 capital, enabling future lending and growth. The listing also fulfills a key RBI requirement, as Tata Capital was classified as an 'upper-layer NBFC' in September 2022, which mandates listing within three years. This is the second public listing from the Tata Group in recent years, following Tata Technologies in 2023.

Diverse Portfolio and Future Growth Plans

Tata Capital has a wide portfolio of over 25 lending products catering to salaried individuals, small businesses, SMEs, and corporates. Beyond lending, it also offers wealth management, insurance, credit card distribution, and manages private equity funds. The flat start may not reflect the company’s long-term potential, which remains strong based on its diversified business model and strong parentage.