Tata Capital IPO fully subscribed, to list Oct 13 on BSE/NSE

Tata Capital's initial public offering of about Rs 15,512 crore closed with strong demand and was fully allotted on October 9, the company and market data showed, setting the stage for a stock market debut on October 13 on both the BSE and the NSE. The three-day bookbuild, which ran from October 6 to October 8, drew bids exceeding the shares on offer and became the largest public issue in India’s financial sector this year.

The issue was priced in a band of Rs 310 to Rs 326 per share, valuing Tata Capital at roughly Rs 1.38 to Rs 1.4 lakh crore at the upper end. Overall subscription stood at about 1.95 to 1.96 times, with qualified institutional buyers subscribing 3.42 times, noninstitutional investors 1.98 times and retail investors 1.10 times. Exchange filings showed the offer received bids for roughly 65.2 crore shares against about 33.34 crore shares on offer.

The IPO comprised a fresh issue of 21 crore equity shares and an offer for sale of 26.58 crore shares. Under the OFS, Tata Sons planned to sell 23 crore shares and the International Finance Corporation 3.58 crore shares. Tata Sons currently holds approximately 88.6 percent of Tata Capital, while IFC holds about 1.8...