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Tejas Networks IPO subscribed 1.33 times

LiveMint logoLiveMint 16-06-2017 PTI

New Delhi: The initial public offer (IPO) of Tejas Networks was subscribed 1.33 times till afternoon trade on the third day of the offer on Friday.

The IPO received bids for 22,681,945 shares against the total issue size of 17,112,005 shares, data available with the NSE till 1.30pm showed. Price band for the offer is Rs250-257 per share.

The company had on Tuesday raised nearly Rs350 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 Rs450 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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