The initial public offering for Patni Computers Systems Ltd was oversubscribed by 2.75 times on Tuesday, the first day for 100 per cent book built issue, with maximum bids at price of Rs 230 per share.

The IPO issue has received bids for 5.5 crore shares as against 1.87 crore share being offered in IPO, according to data available on the stock exchange Web site.

Overwhelming bids received for price of Rs 230 per share. The company has set a price band of Rs 200-230 per share of Rs 2 each.

The IPO for 18.7 million shares comprising fresh issue of 13.4 million shares and an offer for sale of 5.324 million shares would remain open offer for bidding up to February 5, 2004.

The company proposes to list equity shares through a 100 per cent book-building route on the Stock Exchange, Mumbai and National Stock Exchange.