BANGALORE, India Tata Consultancy Services, India's largest software exporter, said it has raised about $1.2 billion in its initial public offering, which was oversubscribed 7.7 times.
Tata's IPO generated demand worth approximately $9 billion through the book-building process. The shares will be listed on Indian stock exchanges at the end of August, company executives said on Saturday (Aug. 7). TCS is also Asia's largest software services company.
"The company will be listing its shares in the overseas markets too, but the timeframe has not been decided," said Ratan Tata, Tata Group's chairman. Though smaller than Tata, competitors Wipro Ltd. and Infosys Technologies Ltd. are already public companies here and overseas.
The industry mood here is optimistic, with fears of a backlash against outsourcing waning and fresh hiring gathering steam. Tata operates in over 100 countries and employs over 35,000 workers. Sales in 2004 are expected to exceed $1.5 billion.