TCS public offering takes off on a sluggish note

Thursday, 29 July 2004, 07:00 Hrs
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MUMBAI: Tata Consultancy Services (TCS), India's largest software outsourcing company, opened its initial public offering (IPO) of 55.45 million equity shares Thursday on a sluggish note.

TCS' is the country's largest technology IPO in the domestic capital market.

Cumulative data from the National Stock Exchange and the Bombay Stock Exchange showed that investors had placed orders for 12.98 million shares in the first three hours of the market opening.

Priced between 775 and 900, the shares are a combination of a fresh issue and an offer for sale by existing shareholders.

Apart from the 55.45 million shares on IPO offer, the company - a subsidiary of Tata Sons, the holding company of the $13-billion Tata Group - has made provision for the issue of an additional 15 percent shares under a green-shoe option.

The company hopes to raise a whopping $1.2 billion from the sale of over 13 percent of the enlarged capital base.

During the road show for the mega IPO, the company had announced plans to explore the possibility of acquisition of firms in regions like Latin America and China.

The company wants to pursue the acquisition strategy to add value, TCS executive vice president Phiroz Vandrevala had told journalists.

TCS became India's first billion-dollar software firm in revenues last year. Its revenues for the fiscal ended Mar 31, 2003, touched 50.12 billion ($1.04 billion), up from 41.87 billion ($908 million) in fiscal 2001-02.

The company manages projects for over 1,000 clients in over 55 countries and employs nearly 28,000 software professionals across the globe.

Source: IANS
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