India, Oct. 8 -- The initial public offering of Tata Capital Ltd. got sold out on the final day of bidding, but the grey market premium suggests muted listing for what is India's biggest IPO of 2025.

Investors have bid for 49.84 crore shares against 33.34 crore shares on offer in the Tata Capital IPO-that equates to a subscription of 1.51 times as of 2:15 pm on Wednesday (8 October 2025), according to data on the website of the National Stock Exchange of India. The non-banking financial company has so far raised Rs.16,432.327 crore from 20,74,600 applications.

The demand was led by qualified institutional buyers, who picked up 2.42 times shares reserved for them in the IPO. The portions reserved for non-institutional investors was subsc...