Shares of Tata Capital made a muted debut on Monday, listing at Rs 330 on both the NSE and BSE, reflecting a modest 1 percent premium over the issue price. The listing comes after the company’s Rs 15,511.87 crore initial public offering (IPO), which was the largest of 2025.
The IPO, open between October 6 and October 8, received bids for 65.33 crore shares against 33.34 crore shares on offer, translating to a 1.96 times overall subscription. The issue was subscribed 1.10 times in the retail category, 3.42 times by Qualified Institutional Buyers (QIBs), and 1.98 times by Non-Institutional Investors (NIIs).
Market analysts said the listing, though subdued, reflects the company’s strong fundamentals and long-term growth potential.
Rajan Shinde, Research Analyst at Mehta Equities Ltd, said, “Tata Capital offers investors a high-quality opportunity in India’s expanding financial services space, combining scale, diversification, and brand strength under the Tata Group. Its advanced technology and analytics-driven underwriting enhance efficiency, while the merger with TMFL strengthens its vehicle finance portfolio.”
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He noted that Tata Capital’s revenue from operations grew 33.4 percent in FY2024 and 55.8 percent in FY2025, while net profit increased 4 percent in FY2024 and 16.3 percent in FY2025. “At the upper price band of Rs 326, the company’s valuation appears reasonable with a price-to-book ratio of 3.2 times, compared to an industry average of 4 times, suggesting potential for long-term value creation,” Shinde added.
Analysts believe Tata Capital’s position within the non-banking financial company (NBFC) sector, supported by India’s rising credit penetration and growing demand for retail and SME financing, provides a solid foundation for sustained growth. While the debut was flat, experts see long-term value for patient investors as the company continues to expand across lending segments and leverage digital innovation for growth.
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Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
