Tejas Networks scrip ends 2.5% higher on debut

Shares of Tejas Networks ended 2.5 per cent higher over the issue price of Rs 257 in its debut trade today.
The stock closed the day at Rs 263.30, up 2.45 per cent against the issue price on BSE. During the day, it gained 5.44 per cent to Rs 271 after listing at Rs 257.
On NSE, shares of the company went up by 2.52 per cent to end at Rs 263.50.
In terms of volume, 24.23 lakh shares of the company were traded on BSE and over 1 crore shares changed hands on NSE during the day.
The company's market valuation stands at Rs 2,357.80 crore.

Its IPO was oversubscribed 1.88 times, with qualified institutional buyers' (QIBs) portion getting oversubscribed 2.16 times, non-institutional investors 48 per cent and retail investors 3.10 times.

The offer, for which the price band was fixed at Rs 250- 257 per share, was open for bidding from June 14-16.
Spread over 60 countries, Tejas Networks is into developing and selling high-performance products to telecom service providers, utility companies, defence firms and government entities, among others.
Axis Capital, Citigroup Global Markets India Pvt Ltd, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) Pvt Ltd were the book running lead managers for the offer.