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Tejas Networks IPO oversubscribed 1.88 times on last day

Press Trust of India  |  New Delhi 

The initial public offer (IPO) of Tejas Networks was oversubscribed 1.88 times on the last day of bidding today.

The IPO received bids for 3,21,39,195 against the total issue size of 1,71,12,005 shares, data available with the till 1900 hours showed.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 2.16 times, non-institutional investors 48 per cent and retail investors 3 times, sources said.

Price band for the offer is Rs 250-257 per share.

The company had on Tuesday raised nearly Rs 350 crore through issuance of to anchor investors.

Tejas Networks is into developing and selling high- performance products to telecom service providers, utility companies, defence firms and entities, among others, spread over 60 countries.

The IPO comprises fresh issue of worth Rs 450 crore and an offer for sale of up to 1.27 crore

Axis Capital Ltd, Citigroup Pvt Ltd, Edelweiss Financial Services Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers for the offer.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 16 2017. 19:57 IST