Tata Capital, the financial services part of the Tata Group, had a quiet opening on the domestic stock exchanges on Monday. It listed at a 1% premium to the initial public offering (IPO) price, reflecting the overall weak market conditions.
Tata Capital shares debut up 1.23%
Shares of Tata Capital began trading at ₹330 on the BSE, up 1.23% from the issue price of ₹326, giving it a market capitalisation of ₹1.4 lakh crore. On the NSE, the non-banking financial company (NBFC) stock also opened at ₹330, rising 1.2% from the issue price.
The BSE benchmark Sensex saw a decline, dropping 290 points to 82,210. The NSE Nifty50 fell 96.4 points to 25,188. The listing met general market expectations. The stock was trading flat in the grey market leading up to its debut. Before the listing, company shares showed a grey market premium of zero, suggesting a flat opening.
Largest ₹15,512 crore IPO of this year
The Tata Capital IPO was subscribed 1.95 times. The ₹15,512 crore IPO, the largest listing in India this year, received bids for 65.12 crore shares against 33.34 crore shares available.
According to exchange data, the qualified institutional buyers (QIB) segment was subscribed to 3.42 times. The non-institutional investors (NII) section was booked 1.98 times, and the portion for retail investors received 1.10 times bidding.
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