Tata Capital IPO
ListedMainboardOpens 6 October 2025Closes 8 October 2025
Tata Capital Limited (TCL), a subsidiary of Tata Sons, is the third-largest diversified Non-Banking Financial Company (NBFC) in India by gross loan book, providing financial products and services to retail, corporate,…
Tata Capital Limited (TCL), a subsidiary of Tata Sons, is the third-largest diversified Non-Banking Financial Company (NBFC) in India by gross loan book, providing financial products and services to retail, corporate, and institutional clients. Its comprehensive suite includes over 25 lending products, with a focus on Retail and SME financing (88.5% of total gross loan book). The company also has significant verticals in Wealth Management, Investment Banking, Private Equity, and Cleantech Finance. Tata Capital boasts a strong 'AAA' credit rating and a robust pan-India omni-channel distribution network of 1,496 branches across 27 States. Its loan book growth stood at a robust 37.3% CAGR from FY23 to FY25.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
6 Oct
IPO Closes
8 Oct
Allotment
9 Oct
Listing
13 Oct
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 6 October 2025 |
| IPO Close Date | 8 October 2025 |
| Allotment Date | 9 October 2025 |
| Listing Date | 13 October 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,996 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,948 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,944 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,89,736 |
BHNIAbove ₹10,00,000 | 67 | ₹10,04,732 |
IPO Objectives
- Augmentation of our Company’s Tier –I capital base to meet our Company’s future capital requirements including onward lending (Fresh Issue of ₹6,846.00 Cr).
- Offer for Sale by existing shareholders to achieve the benefits of listing and provide liquidity (OFS of ₹8,665.87 Cr).
Strengths
- The company benefits from the strong Tata Group legacy, which ensures unmatched brand trust, high customer confidence, and the highest domestic credit rating of 'AAA'.
- It is a leading diversified NBFC, offering a comprehensive suite of over 25 lending products and non-lending verticals like Wealth Management and Investment Banking.
- The business uses an omni-channel distribution model, combining a robust pan-India physical branch network with advanced digital platforms for superior customer reach.
- It maintains superior Asset Quality, with a Net Stage 3 Loans Ratio of 0.8% (ex-TMFL merger impact), which is among the best in the NBFC sector.
- The company has an experienced management team and a strong track record of loan book growth (37.3% CAGR FY23-FY25).
Weaknesses
- The company has a high debt-to-equity ratio of 6.40 in FY25, indicating significant financial leverage.
- It is facing declining Return Ratios (RoE 12.6%, RoA 1.8% in FY25), partly due to aggressive capital expansion and the merger with TMFL.
- The business has a lower Net Interest Margin (NIM) of 5.2% compared to industry leaders, which can limit profitability.
- The TMFL merger introduced integration risk and a loan book with a higher Gross NPA ratio (7.1%), requiring substantial provisions.
- The company faces intense competition from NBFC giants like Bajaj Finance and Shriram Finance, along with increasing regulatory scrutiny.
Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 2,52,254.28 | 2,48,465.01 | 1,76,693.98 | 1,35,626.1 |
| Revenue (₹ Cr.) | 7,691.65 | 28,369.87 | 18,198.38 | 13,637.49 |
| PAT (₹ Cr.) | 1,040.93 | 3,655.02 | 3,326.96 | 2,945.77 |
| Net Worth (₹ Cr.) | 32,761.73 | 32,587.82 | 23,540.19 | 17,959.06 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Tata Capital | 4.1 | 33.24 | 12.6% | 32,761.73 |
| Bajaj Finance | 6.37 | 35.34 | 17.21% | 98,937.63 |
| Shriram Finance | 2.15 | 12.53 | 14.71% | 56,470.3 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.52x | 0.86x | 3.42x |
| NII | 0.29x | 0.76x | 1.98x |
| S-HNI | 0.48x | 1.05x | 2.14x |
| B-HNI | 0.19x | 0.61x | 1.9x |
| RII | 0.35x | 0.68x | 1.1x |
| EMP | 1.1x | 1.95x | 2.92x |
| Total | 0.39x | 0.75x | 1.96x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 9,49,24,856 | 32,44,77,652 | 10,577.97 |
| NII | 7,11,93,642 | 14,10,62,634 | 4,598.64 |
| Small NII | 2,37,31,214 | 5,07,57,826 | 1,654.71 |
| Big NII | 4,74,62,428 | 9,03,04,808 | 2,943.94 |
| RII | 16,61,18,498 | 18,29,12,376 | 5,962.94 |
| EMP | 12,00,000 | 35,07,178 | 114.33 |
| Total | 33,34,36,996 | 65,19,59,840 | 21,253.89 |
Company Details
- Tata Capital Ltd.
- 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra-400013
- +91 022 6606 900
- investors@tatacapital.com
- https://www.tatacapital.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- tatacapital.ipo@in.mpms.mufg.com
- https://linkintime.co.in/Initial_Offer/public-issues.html
Frequently Asked Questions
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Tata Capital IPO Details
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Tata Capital IPO GMP
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Sources
We match Tata Capital IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.