The initial public offer (IPO) of Tejas Networks was subscribed 38 per cent on the second day of the three-day bidding today. The IPO received bids for 65,56,935 shares against the total issue size of 1,71,12,005 shares, data available with the NSE till 1700 hours showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 33 per cent, while subscription for non-institutional investors stood at 2 per cent. The category set aside for retail investors was oversubscribed 1.10 times. Price band for the offer is Rs 250-257 per share. The company on Tuesday raised nearly Rs 350 crore through issuance of shares to anchor investors. Tejas Networks is into developing and selling high- performance products to telecommunications service providers, utility companies, defence firms and government entities, among others, spread over 60 countries. The IPO comprises fresh issue of shares worth Rs 450 crore and an offer for sale of up to 1.27 crore shares. Axis Capital Ltd, Citigroup Global Markets India Pvt Ltd, Edelweiss Financial Services Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers for the offer.
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