Tejas Networks set to debut on stock market tomorrow

Tejas Networks's IPO was oversubscribed 1.88 times

Tejas Networks, which recently concluded its initial public offer (IPO), is set to make the stock market debut tomorrow.

The company's 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.

Price band for the offer was fixed at Rs 250-257 per share and 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.