The company had initially announced a price range of Rs 450 to Rs 540 per share. Based on the revised price range, the issue size amounts between Rs 710 crore to Rs 820 crore, making it the largest domestic information technology IPO to date, a company release said. The final price will be discovered through the book-building process, which will commence on November 16 and close on November 24. The final pricing is scheduled to be decided on November 25.

The release added that the initial price range was revised due to the encouraging investor feedback and response received during the investor roadshows and based on the advice given by lead managers to the issue. Vice chairman Vineet Nayyar said, "HCL Technologies has a great future potential and will create value for our investors."

HCL Technologies is offering 1.42 crore equity shares at Rs 4 per share amounting to10.2 per cent of the company's paid up equity capital at the end of the issue. The issue includes book building process for 1,278 crore shares (90 per cent of the aggregate amount) and a fixed portion of 14.2 lakh shares for the remaining 10 per cent.

The book building portion is open to both wholesale and retail investors with a view to encourage retail and small investors to participate in the issue. 25 per cent of the total issue has been reserved for retail investors, which includes 15 per cent through book building and 10 per cent through fixed price portion.

The release added that it was for the first time in India that retail book building will be conducted through members of both the BSE and the NSE. Kotak Mahindra Capital Company and ICICI Securities are the joint book runners, while JM Morgan Stanley and DSP Merril Lynch are the lead managers to the issue.

The company will be deploying proceeds from the issue for its ongoing capital expenditure programme as well as to fund mergers andacquisitions. Prior to the IPO, Shiv Nadar, chairman of HCL Technologies, is the majority shareholder with a stake of 82 per cent with the balance being held by other individuals and employees under an employee stock option plan. Post-issue, Nadar's stake is expected to drop to around 70 per cent.