The unlisted share market is buzzing again, and this time it’s all about Hero FinCorp vs Tata Capital. With both NBFCs gearing up for their IPOs, investors are keeping a close eye on how these stocks are moving in the grey market. But here’s the interesting bit—while Tata Capital’s unlisted shares have slipped nearly 30% in the last six months, Hero FinCorp has held steady, showing just how different investor sentiment can be.
Tata Capital: Big Name, Bigger Drop
Tata Capital has been in the spotlight for months. Its IPO is expected to be a mega one—around ₹17,000 crore, making it one of the top five biggest issues in the last decade. But in the unlisted market, the story isn’t as glamorous.
- Current price: ₹775 per share
- Six-month drop: ~29%
- 52-week high: ₹1,095
- Market cap (unlisted): ₹3,12,702 crore
Why the fall? Analysts say the IPO could be priced much lower—closer to ₹500 per share—which has made unlisted investors cautious. Add to that the RBI’s listing mandate for “upper-layer NBFCs,” and there’s some uncertainty around timing.
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Hero FinCorp: Steady Amid the Noise
On the other hand, Hero FinCorp seems to be holding its ground. Its unlisted shares are down just 3.5% in six months, and over the last month, they’ve traded flat—showing resilience even as the market cooled off after the HDB Financial markdown.
- Current price: ₹1,330 – ₹1,375 per share
- Six-month drop: ~3.5%
- 52-week high: ₹2,200
- Market cap (unlisted): ₹17,463 crore
Its upcoming IPO aims to raise around ₹3,668 crore, with a healthy mix of fresh issue (₹2,100 crore) and OFS (₹1,568 crore). Unlike Tata Capital, the stock hasn’t seen panic selling, partly because analysts believe its fundamentals and Hero Group backing keep investor faith intact.
Why Investors Care About Unlisted Share Moves
The unlisted market has become a mood indicator for upcoming IPOs. When HDB Financial’s IPO got priced nearly 50% below its grey market value, it sent shockwaves across similar NBFC stocks like NSDL, NSE, and NCDEX. Many investors feared they were sitting on notional losses.
But as analysts often remind us, you can’t paint all unlisted stocks with the same brush. Each company has its own fundamentals, sector position, and investor story. Tata Capital’s size and regulatory pressures make it different from Hero FinCorp’s steadier growth path.
IPO Timelines: Still a Waiting Game
Here’s the tricky part—neither IPO has a final launch date or price band. Reports suggest Tata Capital could list in October 2025 (subject to RBI approvals), while Hero FinCorp hasn’t announced its timeline yet. For now, investors are watching the unlisted market like a scoreboard—waiting to see who wins the next round.
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Bottom Line
If you’re tracking IPO-bound NBFCs, the lesson is simple: don’t blindly follow grey market prices. Tata Capital may look weak right now, but its IPO could still be a blockbuster given its size. Hero FinCorp looks steadier, but its smaller issue size may mean limited buzz compared to Tata.
Either way, both are testing investor patience—and building plenty of hype in the process.
