Tata Capital IPO day 2: GMP, date, review, other details. Apply or not?

Tata Capital IPO Day 2: Following the multibagger return in the previous Tata Group's initial public offering (IPO), the Tata Technologies IPO, the Indian primary market unveiled the Tata Group's latest public issue — the Tata Capital IPO. The Tata Capital IPO opened on 6 October 2025 and will remain open until 8 October 2025, meaning the IPO will be available for subscription from 6 to 8 October 2025. The Non-Banking Financial Company (NBFC) has announced the Tata Capital IPO price band, ranging from ₹310 to ₹326 per equity share. The public issue is proposed for listing on the BSE and the NSE. The Tata Group company aims to raise ₹15,511.87 crore from this public issue, which comprises a mix of a fresh issue and an Offer for Sale (OFS).

Tata Capital IPO GMP today

Meanwhile, shares of Tata Capital Limited are available in the grey market much before the Tata Capital IPO date. According to market observers, Tata Capital shares are available at a premium of ₹13 in the grey market today. This means the Tata Capital IPO GMP (Grey Market Premium) is ₹13 in the grey market today. On the weekend, Tata Capital shares were available at a premium of ₹20 in the grey market. According to market observers, the dip in the Tata Capital IPO can be attributed to its OFS nature and a tepid investor response on the first day of bidding. However, they expected a spike in Tata Capital IPO GMP after a strong rise in the secondary market on Monday.

Tata Capital IPO subscription status

By 5 PM on the second day of bidding, the public issue had been booked 0.75 times, the retail portion had been subscribed 0.67 times, and the NII segment had been filled 0.76 times. The QIB portion of the book build issue had been subscribed to 0.86 times.

Tata Capital IPO review

Assigning a 'subscribe' tag to the public issue, Anshul Jain, Head of Research at Lakshmishree Investment, said, "The IPO is driven by both strategic growth plans and the regulatory mandate for Upper Layer NBFCs to list. Proceeds from the fresh issue will strategically strengthen the company's Tier 1 capital base, providing the necessary fuel for onward lending and aggressive expansion in high-growth areas, such as retail and green finance. At an anticipated valuation that reflects its quality and brand premium, we recommend that investors seeking exposure to a stable, blue-chip player in India’s crucial financial services sector consider SUBSCRIBING for a long-term perspective."

Anand Rathi has also assigned a 'subscribe for long-term' tag, saying, "At the upper price band, the company is valued at P/E of 32.3x, P/B of 3.5x to its FY25 earnings and market cap of ₹ 13,83,827 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “SubscribeLong Term” rating to the IPO."

Kunvarji Finstock, Aditya Birla Money, BP Equities, Canara Bank Securities, LKP Securities, and Ventura Securities have also assigned a 'subscribe' tag to the Tata Capital IPO.

Tata Capital IPO details

The Tata Group company aims to raise ₹15,511.87 crore from its initial public offering, out of which ₹6,846 crore is intended to be raised through the issuance of new shares. The remaining ₹8,665.87 crore is reserved for the OFS route. A bidder will be able to apply in lots, and one lot of the Tata Capital IPO will comprise 46 company shares.

The most likely allotment date for the Tata Capital IPO is 9 October 2025, and the most likely listing date is 13 October 2025.

MUFG Intime India Private Limited has been appointed the official registrar of the book build issue. Kotak Mahindra Capital, BNP Paribas, Citigroup Global Markets India, HDFC Bank, HSBC Securities & Capital Markets (India), ICICI Securities, IIFL Capital Services, JP Morgan India, SBI Capital Markets, and Axis Capital have been appointed book-running lead managers of the book build issue.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.