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Tejas Networks IPO subscribed 11 pc on Day 1

Press Trust of India  |  New Delhi 

The initial public offer (IPO) of Tejas Networks was subscribed 11 per cent on the first day of the issue today.

The IPO received bids for 18,03,065 against the total issue size of 1,71,12,005 shares, as per data available with the till 1700 hours.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 6 per cent, non-institutional investors 1 per cent and retail investors 38 per cent.

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

The company yesterday raised nearly Rs 350 crore through issuance of to anchor investors.

Tejas Networks is into developing and selling high- performance products to telecommunications 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 shares.

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: Wed, June 14 2017. 19:32 IST