The Hindu Business Line : TCS IPO subscribed six times

TATA Consultancy Services' initial public offer has been over subscribed six times, according to merchant bankers. Book running lead managers say that this figure is likely to go up as uploading of applications was still underway.

As of 7:00 PM on Thursday, 37.1 1 crore shares were bid for, according to data from the National Stock Exchange. Of this, 3.31 crore shares have been bid at the cut-off price.

Over one million application forms have been received from the retail category of applicants.

According to merchant banking sources, the IPO has seen the highest retail participation for a public offer in the Indian capital markets. Incidentally, ONGC, the last big IPO that the Indian market witnessed, was also oversubscribed six times.

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TCS IPO subscribed six times