|
I.P.O. in India Sets Record |
|
Monday, August 09, 2004 |
 Tata Consultancy Services, India's largest software developer by sales, said over the weekend that it had raised 54.2 billion rupees ($1.17 billion) in its initial public offering, the biggest by a nongovernment-owned Indian company.
Tata Consultancy, based in Mumbai, sold the shares for 850 rupees each ($18.40), after offering them for 775 rupees to 900 rupees. The price values the company at about $8.8 billion.
The sale was increased by 15 percent to 63.8 million shares after investors sought more than 10 times the stock that was initially offered. The response may bolster prospects for share sales planned by companies like the National Thermal Power Corporation, India's biggest power producer, and the local units of Hutchison Whampoa.
The offering surpassed ICICI Bank's $657 million share sale in April as the biggest by an Indian company not owned by the government.
"Any cash flow that will be generated will be used for the growth of the company and to take care of the investors at large," Tata's chief executive, S. Ramadorai, said. |
