Jones Day and P&A Law Offices have acted on Tata Consultancy Services' US$1.2bn initial public offering, propelling India's largest IT services company into one of the countrys Top Five companies overall in terms of market capitalisation.

The reorganisation and corporatisation of TCS and its subsequent dual listing on the Mumbai and National stock exchanges represents the largest IPO by a private company in India.

Jones Day and P&A Law Offices were, respectively, US and Indian counsel to the underwriters, JM Morgan Stanley Private, DSP Merrill Lynch and JP Morgan India Private.

Stephen Peepels led the Jones Day team, while Sandip Bhagat, Rajat Sethi and Manik Dogra were the lead partners at P&A Law Offices.

The offering, which consisted of a fresh issue of 22,775,000 equity shares by TCS and an offer for sale of 32,677,600 shares by Tata Sons Limited and certain other shareholders of TCS, also included a green shoe option of 8,317,880 shares.

The aggregate proceeds were Rs.54,205m (US$1.2bn), consisting of a public offering in India, Rule 144A offering in the US and Regulation S offering outside of the US.