Tata Consultancy Services Ltd's initial public offering has been oversubscribed by over 6.5 times on the last day of bidding, and the company expects to take a decision on pricing by Saturday.
The IPO received commitment of over Rs 34,000 crore (Rs 340 billion) as per latest data available, merchant banking sources said in Mumbai on Thursday.
More than 10 lakh (1 million) applications were received from retail investors some of whom queued up at collection centres in torrential rains, they said.
The Qualified Institutional Buyers' portion of the IPO was oversubscribed 7.5 times, while cumulative bids (BSE plus NSE) by investors crossed a 30 crore (300 million)-mark as against 5.54 crore (55.4 million) shares on offer, they added.
The book-built issue has a price band of Rs 775-900 per share of Rs 1 each; it opened on July 29, coinciding with the birth centenary of J R D Tata.
Meanwhile, TCS executive vice-president Phiroz Vandrevala told PTI that the Tata group was "absolutely delighted by the tremendous interest from the retail segment".
This was an opportunity for the public, which they utilised, he said, noting this was an IPO from the group after a long time.
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