Indian software firm Tata Consultancy Services (TCS) has gone public in a $1.2 billion (£660m) IPO. TCS is being spun out from the Tata group, one of India’s biggest private business empires, with interests which range from tea to trucks.
Tata’s management decided to float TCS only after much deliberation; usually, the firm prefers to hold its assets closely. TCS’s big rivals in India – Wipro and Infosys – are already stock-market-listed, enabling the company to reward staff in stock and stock options. But Tata Motors, which already has some shares in private hands, is to list American Depositary Receipts on the New York Stock Exchange. Interest in the TCS sale has been intense. Foreign bidders were especially prominent. Retail demand has been slower, but small investors have until 5 August to register their interest.