LIC Leads Tata Capital IPO Anchor Book with Rs 700 Crore Investment: Top Investors Revealed
Life Insurance Corporation has emerged as the largest anchor investor in Tata Capital's highly anticipated initial public offering, securing 15.08 percent of the anchor portion with an investment worth Rs 700 crore at Rs 326 per share. The anchor book saw overwhelming participation from both domestic and international institutional investors.
Tata Capital's maiden public offering, valued at Rs 15,512 crore, has garnered significant attention from marquee investors, signaling strong market confidence in the non-banking financial company's growth prospects.
Anchor Book Raises Rs 4,642 Crore
The company successfully allotted 14.24 crore equity shares to 135 funds at Rs 326 per share, raising a total of Rs 4,642 crore through the anchor book portion. This substantial pre-IPO commitment demonstrates the strong appetite among institutional investors for quality NBFC paper.
The anchor book featured a diverse mix of leading domestic mutual funds, foreign institutional investors, and sovereign wealth funds, reflecting broad-based confidence in Tata Capital's business model and future potential.
Top Anchor Investors Breakdown
Besides LIC's dominant position, several prominent institutional investors participated significantly in the anchor round:
Leading Domestic Mutual Funds
- ICICI Prudential Balanced Advantage Fund: 1.26% of anchor book
- HDFC Large Cap Fund: 1.89%
- DSP ELSS Tax Saver Fund: 1.52%
- Aditya Birla Sun Life Banking and Financial Services Fund: 1.4%
- Nippon India Large Cap Fund: 2.69%
- Motilal Oswal Large Cap Fund: 2.16%
- Whiteoak Capital Special Opportunities Fund: 0.15%
Global Institutional Investors
- Morgan Stanley Investment Funds Asia Opportunity Fund: 3.15%
- Goldman Sachs India Equity Portfolio: 1.12%
- Amansa Holdings Private Ltd: 3.77%
- Nomura India Investment Fund Mother Fund: 3.77%
- Government Pension Fund Global - also participated significantly
IPO Details and Timeline
The public offering will open for subscription from October 6-8, 2025, with shares priced in the range of Rs 310 to Rs 326 per share. At the upper end of this price band, Tata Capital commands an impressive valuation of approximately Rs 1.38 lakh crore.
Offer Structure
The IPO comprises a total of 47.58 crore shares, divided into:
- Fresh issue: 21 crore equity shares
- Offer for Sale (OFS): 26.58 crore shares
The fresh issue component will bring new capital into the company, supporting its expansion plans and strengthening its balance sheet. The OFS portion allows existing shareholders to partially monetize their holdings.
Current Shareholding Pattern
Currently, Tata Sons holds an 88.6% stake in Tata Capital, maintaining majority control of the financial services subsidiary. The International Finance Corporation (IFC) owns a 1.8% holding in the company.
The public offering will dilute the promoter holding while bringing in public shareholders and enhancing the company's market presence.
Expected Stock Market Debut
Tata Capital is scheduled to make its stock market debut on October 13, 2025. Market analysts and investors will closely watch the listing performance, particularly given the strong anchor book participation and the company's association with the prestigious Tata Group.
Why Investors Are Betting Big
The overwhelming response from anchor investors reflects several positive factors:
- Strong brand equity associated with the Tata Group
- Diversified financial services portfolio across lending, wealth management, and advisory services
- Robust asset quality and consistent financial performance
- Growth potential in India's expanding NBFC sector
- Professional management team with proven track record
Market Outlook
The participation of both domestic and foreign institutional heavyweights in the anchor book indicates strong confidence in Tata Capital's business fundamentals. With LIC leading the charge alongside other prominent investors, the IPO appears well-positioned for a successful public market debut.
Retail and non-institutional investors will now have the opportunity to participate when the issue opens for subscription on October 6. Given the quality of anchor investors and the Tata brand strength, market watchers expect healthy subscription levels across all investor categories.
The success of this anchor round sets a positive tone for what could be one of the most significant NBFC listings in recent times, offering investors exposure to a well-established financial services franchise with strong growth prospects.
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