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Our Bureau

Mumbai , July 29

THE initial public offer of Tata Consultancy Services opened on Thursday with bids for over 91 per cent of the shares on offer. Bids were received for 5.05 crore shares out of the 5.54 crore on offer.

However, maximum number of bids has been received around Rs 800, towards the lower end of the band. At Rs 900, the higher end of the price band, only 2.6 lakh shares have been bid, according to data from the stock exchanges.

Nearly 10,000 applications have been received from across the country, informed a book running lead manager.

Merchant banking sources say that while the Qualified Institutional Buyer category has been subscribed 1.7 times, the response from retail investors have been tepid, so far. Merchant bankers claim that retail activity in IPOs usually gain steam towards the end of the offer period and it is too early to make a clear judgment of the issue.

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