The TCS IPO of Rs5.32 crore equity shares, which opened on Thursday, July 29, was subscribed 91.08 per cent on the first day according to the Bombay stock exchange. The average bidding was at Rs825. Bids for 31.37 million shares were received at Rs800, bids for 6.32 million shares came in at Rs775 and bids for 2.61 million were received at Rs900. The price band for the TCS IPO had been fixed at Rs 775-900 per share
The portion for qualified institutional buyers (QIBs) was over subscribed 1.7 times. The retail and non- institutional investors usually bid towards the end of the offer period since they tend to wait till the end of issue period.
On Friday, the IPO has been reportedly oversubscribed. Bids have been received for a total of 5.84 crore for an offer size of 5.54 crore shares.