Mumbai: The Tata Consultancy Services Ltd's (TCS) initial public offering (IPO) has been oversubscribed 5.46 times even as retail investors lined up at collection centres to submit applications on the last day of bidding.

The cumulative bids (BSE plus NSE) placed by investors crossed 30 crore share-mark as against 5.54 crore shares on offer, according to data updated last on BSE at 4.00 PM.

The issue had opened for bidding on July 29.

The book-built issue, with a price band of Rs 775-900 per share of Rs one each, has received tremendous response from retail investors who thronged to the banks and investment banking outfits to put in their applications, investment banking sources said in Mumbai today (Aug 5, 2004).

The work on collating investors' applications was still on and clear picture about the response pattern would emerge late tonight, sources added.