Tata very much

Investors have responded eagerly to the $1.2 billion IPO of TCS in India.

Enthusiastic investors have bid Rs400 billion $8.6 billion for Tata Consultancy Services' record-breaking IPO. The deal, which is India's largest-ever IPO by a private company, drew 1.3 million bids and was subscribed 7.7 times on an overall basis.

Lead managers JM Morgan Stanley, DSP Merrill Lynch and JPMorgan marketed the 55.5 million shares with a price band of Rs775 to Rs900. Some 10% of the total issue was reserved for employees and of the remaining shares, 60% was pitched at qualified institutional buyers, 15% at high net-worth individuals and 25% at retail investors.

The bankers priced the deal in the top half of the band,...

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