Tech Mahindra is set to be listed at BSE and NSE on August 29

Tech Mahindra IPO was oversubscribed by more than 71 times. The company has fixed price of IPO at Rs 365 per share, at the upper end of the band.

The company, an IT solutions joint venture between Mahindra & Mahindra and British Telecom, is estimated to have raised over Rs 4.5 billion from the issue of 12.7 million equity shares.

Market observers said that the Tech Mahindra listing at the bourses is eagerly awaited as the listing is expected to be at a premium. It could also lead other companies to re-assess their plans to go public.

It consisted of fresh issue of 3,186,480 equity shares and an offer for sale of 9,559,520 equity shares by M&M and UK-based telecom giant British Telecommunications.