TCS collects Rs 50,000 cr

Tata Consultancy Services (TCS) has received more than Rs 50,000 crore in subscription for its initial public offer (IPO) of 55.45 million shares in a price band of Rs 775-900 per share. The subscription amount is a record in the private sector.

But the overall record is held by ONGC, which collected an eye-popping Rs 73,000 crore in its public offering of 142.59 million shares. The ONGC issue was oversubscribed 6.82 times.

The TCS public issue, which closed yesterday, was oversubscribed 10.32 times. This means TCS received applications for 571.84 million shares.

TCS received 1.35 million applications from qualified institutional bidders, high net worth individuals and retail investors.

The high net worth individuals' component of the issue was oversubscribed 21.29 times while the qualified institutional bidders' component was subscribed over 7 times. Of the 6 million demat accounts already active, almost 25 per cent were quoted as applicants in the TCS IPO.

At an upper band of Rs 900, TCS received subscriptions for 252.86 million shares, valued at Rs 22,758 crore. At Rs 850, there were applications for 194.85 million shares, valued at Rs 16,562 crore.

Bids for 75.99 million shares, valued at Rs 6,650 crore, were placed at the price of Rs 875. TCS received subscriptions for 27.98 million shares totalling Rs 2,308 crore at price of Rs 825.

TCS' subscription details show that foreign institutional investors have applied for 210.25 million shares, individual investors for 163.28 million, corporates for 115.14 million and institutions for 10.77 million.