Ending months of speculation in the share market over the timing of its IPO (initial public offering), India’s largest IT (information technology) services company Tata Consultancy Services (TCS) "created a record of sorts as its IPO was oversubscribed by 6.69 times and received a total application amount worth Rs 34,000 crore as against the issue size of Rs 4,991 crore,” reported The Indian Express of August 6, 2004 in its early reports on the IPO. (The paper’s edition of August 25 stated it was oversubscribed 7.7 times.)
Opening on July 29, 2004, the IPO almost sailed through on the first day......