Market not yet ripe for TCS’s public offer, says Ratan Tata

Bangalore: Tata group chairman Ratan Tata has said that the market is not yet ripe for Tata Consultancy Services' (TCS) initial public offering (IPO).

Speaking on the sidelines of the inaugural of the Explorer building of the International Technology Park (ITPL) in Bangalore, Tata said the IPO will only take off when the market mirrors more confidence.

TCS is reportedly planning a Rs 5,000-crore IPO in the domestic market. Replying to a query, Tata said the Taj Group of Hotels will also be one among the bidders for the proposed new business class hotel at ITPL.

The technology park was negotiating with hotel operators to build a business-class hotel with clubhouse facilities at its premises, said Chong Siak Ching, president and CEO, Ascendas, and director, ITPL.