HCL Tech revises price band for IPO to Rs 500 - 580

BANGALORE: HCL Technologies Ltd. (HCLT) has revised the indicative price band of its initial public offer (IPO) to Rs 500-580 per share of Rs 4 each. Earlier, the company had fixed the price range between Rs 450-540 per share. Based on the revised price range the issue size amounts to between Rs 710 crore to Rs 823 crore. Bidding for the book building starts on November 16 and ends on November 24. The pricing would be done on November 25. The price will be "discovered" through book building route. The fixed price issue will open on December 10.

Twenty five per cent of the issue has been reserved for retail investors, 15 per cent through book building and 10 per cent through the fixed price portion. The revised price band was based on encouraging investor feedback received during the company's investor roadshows and advice given by the lead managers of the issue, the company said in a press release. The issue includes book-building portion of 12.78 million-equity shares representing 90 per cent of total issue, and fixed price portion of 1.42 million shares.