The stock ended at ₹331.1 on Monday with a market capitalisation of ₹1,40,547.61 crore. The company’s revenue in FY25 stood at ₹28,324 crore.
The market cap of Bajaj Finance, the country’s largest NBFC, was ₹6,46,516 crore on Monday. Its FY25 revenue was ₹69,709 crore.
AgenciesMany analysts had recommended against subscribing to the IPO – the largest in 2025 – citing rich valuations.
“At its IPO price, Tata Capital’s valuations left limited value on the table for those looking for a listing day pop,” said Raj Gaikar, research analyst at Samco Securities. “The stock is likely to remain largely range-bound in the near term.”
Tata Capital trades at a discount to Bajaj Finance but commands a premium over Shriram Finance and L&T Finance because of the Tata brand, said Gaikar.Tata Capital’s price-to-book value (P/BV) is at 4.1 times, compared with Bajaj Finance’s 6.6, Cholamandalam Investment & Finance Company’s 5.7, HDB Financial Services’ 3.9 and Shriram Finance’s 2.2. JM Financial, which initiated coverage on Tata Capital with an ‘Add’ rating and price target of Rs 360, said the stock should trade between the valuations of Cholamandalam and HDB Financial. Tata Capital’s Rs 15,512 crore IPO, the largest since Hyundai Motor India’s Rs 27,870 crore issue last year, was subscribed 1.95 times.Out of the eight IPOs over Rs 10,000 crore since 2020, four — including Tata Capital, HDB Financial Services, Swiggy and NTPC Green Energy — have listed above their issue price, posting gains of 1% to 13% on debut, ETIG data showed. Hyundai Motor India, Life Insurance Corporation of India, One 97 Communications (Paytm) and SBI Cards & Payment Services listed at a discount in the same range for their IPO investors.
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