Tejas Networks Lists Flat At Rs 257 Per Share

Tejas Networks Limited got listed on BSE at Rs 257 per share which is its issue price. However, the stock surged by over 3% to Rs 265.9 per share in the first few minutes of trading on Tuesday.

Tejas Networks Limited got oversubscribed by 1.88 times on the last day of its IPO subscription on June 17. This IPO consisted of issuing equity shares of face value of Rs 10 each for cash, comprising of a fresh issue of equity shares aggregating up to Rs 4,500 million and an offer for sale of up to 12,711,605 equity shares by selling shareholders.

The Book Running Lead Managers (BRLMs) to the offer were Axis Capital Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited and Nomura Financial Advisory and Securities (India) Private Limited.

Tejas Networks Limited is an India-based optical and data networking products company with customers in over 60 countries. The company designs, develops and sells high-performance and cost-competitive products to telecommunications service providers, internet service providers, utility companies, defence companies and government entities (collectively, ‘Communication Service Providers’). Its products are used to build high-speed communication networks that carry voice, data and video traffic from fixed-line, mobile and broadband networks over optical fibre.

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