Tata Consultancy Services’ IPO was oversubscribed six times as it crept towards its close yesterday, local reports said.
The issue will be finally priced on Saturday, and is set to be worth up to $1.2bn, with the company set to have a market cap of up to $9.3bn. The clamor for shares is not restricted to small investors.
According to India Daily, 60% of the shares offered were earmarked for institutional investors, and these were eight times oversubscribed. Assuming the issue is priced at the top of the range, TCS will become India’s biggest listed IT firm.