Tata Capital IPO Lists Flat Amid Strong Institutional Demand
Tata Capital's highly anticipated ₹15,511.87 crore IPO debuted on exchanges today after securing 1.95x overall subscription. The offering priced at ₹326 (top of band) drew disproportionate institutional interest—QIBs oversubscribed 3.42x versus 1.1x retail participation.
Anchor investors including LIC (15.08% anchor allocation), Morgan Stanley and Goldman Sachs committed ₹4,642 crore upfront. Fresh issue proceeds will bolster Tier-1 capital for lending expansion, while Tata Sons and IFC partially exited via OFS.
Market makers anticipate a neutral opening despite the IPO's structural strengths. 'The institutional overhang suggests long-term confidence, but current valuations leave little room for pop,' said a Mumbai-based syndicate banker.