Investor sentiment around unlisted shares of Tata Capital Ltd. has turned cautious in the unofficial market, even as the company’s highly anticipated IPO—India’s biggest of 2025—opens for subscription today. The grey market premium (GMP) has dropped significantly to ₹24–36 per share, compared to the earlier ₹735–1,125 range seen before the IPO price band was revealed last week, as per data from InvestorGain.
Tata Capital has set its IPO price band at ₹310–₹326 per share, realigning market expectations in terms of valuation, especially when benchmarked against industry peers. While this more modest pricing may offer upside potential on listing day, analysts caution it also raises expectations for post-listing stock performance.
It’s important to note that the GMP is merely an indicator of demand in the unregulated market and not a reliable predictor of listing-day performance. The GMP often fluctuates sharply and remains disconnected from the actual fundamentals of the business, making it a speculative signal rather than a certainty for retail or institutional investors.
