Tata Capital’s IPO debut was muted: shares listed at ₹330, only ~1.2% above the ₹326 issue price. Despite heavy anticipation as India’s largest financial IPO this year, investor enthusiasm was subdued. Analysts point to valuation pressure, global risk concerns, and crowded IPO calendar as headwinds. The listing outcome may signal caution in primary markets. Watch secondary trading momentum, institutional uptake, and whether this dampens near-term IPO sentiment.