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Our Bureau

Mumbai , Aug 3

TATA Consultancy Services' initial public offer has received bids for 3.36 times the number of shares on offer.

Bids for 18.70 crore shares were registered at 5 p.m. on Tuesday. Over 5.5 crore shares are on offer.

The IPO closes on Thursday. The maximum number of bids continue to be in the Rs 775-825 range.

Merchant banking sources confirm that interest in the IPO is high from institutional buyers, domestic and foreign. "TCS is a well-known IT services supplier and a familiar name for international companies. This has spurred their interest in the IPO as well," said a buyer for foreign institutional investors.

So far, 2.4 lakh applications have been received. The qualified institutional buyer category has been subscribed 5.5 times, said sources.

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