Shares of Tata Capital rose 1.37% in their trading debut Monday on the National Stock Exchange and BSE, following a ₹155.1 billion ($1.75 billion) initial public offering.
Tata Capital’s $1.75 billion IPO was fully subscribed last week after a three-day bidding process. Overall demand was strong, with total bids coming in at nearly twice the shares available. Institutional investors led the interest, subscribing around 3.4 times their allocation.
The IPO by the financial arm of the Tata Group was priced at ₹326 per share, the upper end of its price band.
Non-institutional bidders, including high-net-worth individuals, put in about twice the reserved shares. Retail investors applied for roughly 1.1 times their portion.
Domestic and global investment banks such as Kotak Mahindra Capital, Axis Capital, BNP Paribas and HDFC Bank were among the joint bookrunners.
