Mumbai: Tata Consultancy Services' IPO was oversubscribed by 10 times, according to data from the stock exchanges. Bids for 57.18 crore shares were received. Over 5.5 crore shares were on offer from the company.
Of this, over four crore bids were at the cut off price.
Merchant banking sources confirm that over 13 lakh retail applications were received. The issue is expected to be priced between Rs 850 and Rs 875, the band at which maximum number of bids have come in.
The company is also considering using the `over allotment option' in order to make more shares available to the investors, in view of this response, confirmed merchant banking sources.