On the opening day (Thursday), the issue was subscribed 92 per cent with the qualified institutional buyers (QIBs) portion getting oversubscribed by 1.7 times.
On Friday, the QIB portion was oversubscribed by three times, with maximum bids coming in the range of Rs 800 to Rs 850. The issue is open for subscription from July 29 to August 5, 2004. The price band set for each Re 1 paid up share of TCS was Rs 775 to Rs 900, the highest premium charged ever for any IPO.
From the offer size of 5.54 crore shares, 60 per cent or 3.3 crore equity shares were offered for QIBs, 25 per cent for retail investors and the remaining 15 per cent for high networth individuals (HNIs). A top official at one of the the book-running lead managers said: There is a strong demand coming from both QIBs and the retail investors. We have received about 35,000 applications from the retail side. JM Morgan Stanley Private Ltd, DSP Merrill Lynch Ltd and JP Morgan India Pvt Ltd are the book-running lead managers to the issue.