The Mumbai, India-based company’s IPO will place up to 15% of its shares on the Bombay Stock Exchange and is expected to raise over $1bn. The shares are priced slightly lower than analysts had expected, but the shares will still be offered at a discount to competitors Wipro and Infosys in terms of multiples of expected earnings for 2005.
TCS has over 30,000 employees with clients including American Express, BT Group and Nokia. It is India’s largest exporter of software and services and has stated that it aims to be in the global top ten by 2010.
Roadshows are expected to begin this week, in which the managers of the issue, JM Morgan Stanley, DSP Merill Lynch, and JP Morgan India Pvt Ltd will drum up support for the offering across Asia, the US, and Europe.
