In a strong show of institutional confidence, Tata Capital’s ₹15,512 crore initial public offering (IPO) has attracted a stellar anchor book, with Life Insurance Corporation of India (LIC) emerging as the largest investor. The anchor round, which raised ₹4,642 crore ahead of the IPO opening, saw participation from 135 domestic and global funds, underscoring the market’s bullish sentiment toward the Tata Group’s financial services arm.
LIC Tops the Anchor Book
LIC secured 15.08% of the anchor portion, investing ₹700 crore at ₹326 per share. This dominant allocation reflects the insurer’s continued faith in the Tata brand and its diversified financial services portfolio. LIC’s participation also signals long-term institutional support, often viewed as a stabilizing force in large IPOs.
Other Major Investors in the Anchor Round
The anchor book featured a mix of mutual funds, sovereign wealth funds, and foreign institutional investors. Key participants included:
- Amansa Holdings and Nomura India Investment Fund Mother Fund: Each secured 3.77% of the anchor book
- Morgan Stanley Investment Funds Asia Opportunity Fund: 3.15%
- Nippon India Large Cap Fund: 2.69%
- Motilal Oswal Large Cap Fund: 2.16%
- HDFC Large Cap Fund: 1.89%
- DSP ELSS Tax Saver Fund: 1.52%
- Aditya Birla Sun Life Banking and Financial Services Fund: 1.4%
- Goldman Sachs India Equity Portfolio: 1.12%
- ICICI Prudential Balanced Advantage Fund: 1.26%
- Whiteoak Capital Special Opportunities Fund: 0.15%
This diverse participation highlights Tata Capital’s broad appeal across geographies and investment styles.
IPO Details and Market Expectations
The IPO comprises a fresh issue of 21 crore equity shares and an offer for sale (OFS) of 26.58 crore shares. The price band is set between ₹310 and ₹326 per share, valuing the company at approximately ₹1.38 lakh crore at the upper end. Subscription opens from October 6 to 8, with Tata Capital expected to debut on the bourses on October 13.
Tata Capital’s strong anchor book is seen as a precursor to robust retail and institutional demand. Analysts cite its diversified lending portfolio—spanning retail, SME, and housing finance—and improving profitability as key drivers of investor interest.
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