Tata Capital's Lackluster Debut
Tata Capital, India's third-largest non-bank lender by revenue, made a muted debut on Monday, listing at a premium of 1.2% and valuing the firm at 1.4 trillion rupees ($15.78 billion).
The company's shares traded at 329.8 rupees, slightly higher than their offer price of 326 rupees, as of 10:57 am.
Analysts note that investors seem to be favoring LG Electronics India's $1.3-billion share sale, expecting stronger listing gains and near-term growth, helped by recent tax cuts.
Tata Capital's market capitalization trails Bajaj Finance and Jio Financial Services, which are valued at $72 billion and $22 billion, respectively.
Investors appear to be favouring LG Electronics India's $1.3-billion share sale as they expect stronger listing gains and near-term growth.
Author's summary: Tata Capital debuts at 1.2% premium.