Tata Capital IPO Day 2: GMP, Subscription Status, Key Dates, and Expert Views. Should You Apply?

The much-anticipated Tata Capital IPO entered its second day of bidding on Tuesday, October 7, 2025, after receiving a moderate response from investors on Day 1. Rs. 15,512-crore public issue marks the Tata Group’s latest foray into the primary market after the blockbuster success of Tata Technologies, and investors are closely watching whether this offering can replicate that momentum.

Tata Capital IPO Details

Tata Capital IPO opened for subscription on October 6 and will close on October 8, 2025. The price band is set between Rs. 310 and Rs. 326 per share, and the issue consists of a fresh share sale worth Rs. 6,846 crore and an offer for sale (OFS) of Rs. 8,666 crore by Tata Sons, which currently owns 95.6% of the company. 

One lot comprises 46 shares, requiring a minimum investment of around Rs. 14,996 at the upper end of the band. The shares are expected to be listed on both the NSE and BSE on October 13, with allotment likely to be finalized on October 9.

Tata Capital IPO Subscription Status

By 11 a.m. on Day 2, the overall IPO was subscribed 0.46 times, showing improved traction. The retail segment was booked 0.45 times; the NII portion was 0.38 times, and the QIBs, 0.52.

On Day 1, driven by institutional interest, the IPO managed to get a 39% subscription, as retail demand and HNI demand stayed moderate.

Grey Market Premium (GMP) Today

In the unofficial grey markets, Tata Capital shares are trading at a premium of Rs. 12-Rs. 13 over the issue price, with a 3.7% gain. A subdued GMP implies cautious sentiment for various reasons, including the IPO being largely OFS-heavy and having high valuations, thus limiting speculative sentiments. Analysts forecast an uptick in GMP with stronger secondary market sentiment.

Also Read: US Stock Market Today: S&P 500 rises 0.4%, NASDAQ jumps 0.8%, AMD surges 27%, Dow Jones slips 0.3%, Gold climbs 1.7%

Analyst Recommendation

Brokerages are largely optimistic about the long-term prospects of Tata Capital. They recommend a Buy rating for the long term due to strong fundamental attributes of the company, growth opportunities, and brand strength. 

At the upper price band, the IPO values Tata Capital at a P/E of 32.3x and P/B of 3.5x based on FY25 estimates. Analysts note that at fair-value levels, the company’s AAA-II credit rating, diversified portfolio, and strong Tier-I capital position make it a strong blue-chip NBFC investment.

Should You Apply?

The experts believe that investors looking for steady income over the long term would likely consider subscribing to the issue since Tata Capital enjoys credibility as a result of its strong financial foundation and support from the Tata Group.

However, given the limited GMP and fully priced valuation, the prospects for gains upon listing may be limited, rendering this IPO more suitable for investors on a long-term basis as opposed to those working for short-term sales.