TCS IPO price at Rs 850

Mumbai: Tata Consultancy Services (TCS) has set the cut off price for the initial public offer is at Rs. 850 per share. The price band was Rs 775 The IPO was oversubscribed 7.7 times and over 13 lakh bids were received, the company said.

At the issue price of Rs 850, the size of the offering amounts to Rs 5420 crore. This includes the green shoe option of Rs 706 crore.

The retail portion of the IPO was subscribed 3 times, and the non-institutional portion - for high net worth individuals and corporates - was subscribed 22 times, said S Ramadorai, chief executive officer, TCS Ltd.

The share would be listed in the stock exchanges by the last week of August, said the lead mangers to the issue. "Our intention is to have TCS continue to please investors. The pricing has been fixed at a level that would provide an attractive upside to investors as a token of our gratitude to their overwhelming response to the issue," said Ratan Tata, Chairman, Tata Sons, at a press conference yesterday

Tata said that his intentions are that newer companies of the group would go public once they attain a certain critical mass and scale.