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

The IPO received bids for 3,21,39,195 shares against the total issue size of 1,71,12,005 shares, data available with the NSE 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 shares to anchor investors.

Tejas Networks is into developing and selling high- performance products to telecom 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. – Money Control




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