The sizeToFit
method worked just great.
I did following.
UILabel *testLabel =[[UILabel alloc] initWithFrame:CGRectMake(6,3, 262,20 )]; // RectMake(xPos,yPos,Max Width I want, is just a container value);
NSString * test=@"this is test this is test inthis is test ininthis is test inthis is test inthis is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...this is test in uilabel ...";
testLabel.text = test;
testLabel.numberOfLines = 0; //will wrap text in new line
[testLabel sizeToFit];
[self.view addSubview:testLabel];