Analysts said the offer price was at a 14 per cent discount to Thursday's closing domestic price of the Wipro stock, which was at Rs 2,222 on the Bombay Stock Exchange. At the issue price, Wipro has been able to raise $ 114 m instead of $ 144 m at the $ 52.48 per share price which it had pegged after scaling down the price from $ 63.86 proposed initially.

During the day's trading on the Indian bourses, the stock had touched the 16 per cent upper circuit owing to hefty buying activity which sent the stock markets in a tizzy. Each ADS is equal to one underlying domestic share of the company. The pricing, according to analysts, was well below the expectations of the market, which had been expecting the offer price not to dip below $ 44 per share. However, the valuation, a section of the market now feels, is closer to reality. They said the low floating stock of the company in the markets was the reason for its high valuation, since a hefty chunk of the equity is with Mr Azim Premji and his associates.

Following the successful completion of the Wipro ADS offer, analysts now say that there is a healthy demand for the Indian stock overseas, provided the price is realistic and right. An analyst lauded the Wipro effort, saying that in the context of the difficult macroeconomic circumstances, the company had still managed to go ahead and successfully place its shares abroad, which reflected the intrinsic worth of the company.

Mr Gul Tekchandani of Sun F&C said: "Any issue which on trading is quoted higher than the public offer price and gives an immediate benefit to the investors provides a feel-good factor to the investor." The chief of a leading foreign brokerage said the Wipro pricing also reflected that investors were not willing to provide extended valuations. "However, the fact that the company has been able to sail through in this market speaks volumes", he said, pointing out that the offer price had to be substantially scaled down from what was initially planned by the company.