The initial public offering of Tata Capital Ltd, a non-banking financial company, secured a 39 percent subscription on its first bidding day, which was Monday. The IPO received bids for 12,86,08,916 shares out of a total of 33,34,36,996 shares available, as reported by the NSE. The Qualified Institutional Buyers (QIBs) segment saw a 52 percent subscription, while the Retail Individual Investors (RIIs) category garnered a 35 percent subscription. Non-institutional investors showed a 29 percent subscription rate. On Friday, Tata Capital raised Rs 4,642 crore from 68 institutional investors, both domestic and international, with the anchor book experiencing demand nearly five times the allocated amount.
The company’s public offering, valued at Rs 15,512 crore, will close on October 8 and is priced between Rs 310 and Rs 326 per share. At the highest price point, the non-banking financial company has an estimated valuation of approximately Rs 1.38 lakh crore. The IPO consists of 47.58 crore shares, including a fresh issue of 21 crore equity shares and an Offer For Sale (OFS) of 26.58 crore shares. In the OFS, Tata Sons will sell 23 crore shares, while the International Finance Corporation (IFC) will offload 3.58 crore shares.