New Delhi: Tata Capital has raised ₹4,642 crore (US$523 million) from anchor investors ahead of its much-awaited Initial Public Offering (IPO). The amount represents nearly 30% of the total issue size of ₹15,511 crore, positioning this as India’s largest-ever IPO in the non-banking financial company (NBFC) space.
According to reports from Reuters and Financial Express, as many as 135 institutional investors participated in the anchor book. India’s largest insurer, LIC, emerged as the biggest domestic participant with an allocation of nearly ₹700 crore. Global investment giants including Morgan Stanley, Goldman Sachs, Nomura, White Oak Capital and WCM Investment Management also subscribed. Shares were allotted at the top end of the price band — ₹310–₹326.
As per The Economic Times, Tata Capital’s IPO comprises both a Fresh Issue of shares and an Offer for Sale (OFS) by existing shareholders, including Tata Sons and the International Finance Corporation (IFC). The retail subscription window will be open from October 6 to 8 with shares expected to be listed on October 13.
However, reports from The Hans India and ET suggest the IPO may disappoint investors who previously purchased Tata Capital shares in the unlisted market, where prices had surged to around ₹1,125 per share nearly 71% higher than the IPO price. ET highlighted a “125% break-even gap,” indicating such investors may face significant losses unless the stock rallies well beyond the issue price post-listing.
The Tata Capital IPO is being hailed as a landmark for India’s capital markets. Analysts note that it reflects strong investor confidence in the NBFC sector and Tata Group’s financial resilience. It also strengthens India’s ongoing IPO boom, with over $10.5 billion already raised through public issues in 2025, and more expected in the year-end rush.
