Tejas Networks scrip surges nearly 6% after listing at Rs 257

TIL Desk/Business/New Delhi/ Shares of Tejas Networks surged nearly 6 per cent after listing at the issue price of Rs 257 on the bourses today. The stock listed at Rs 257 on BSE. Later, it touched a high of Rs 271, up 5.44 per cent from the issue price. On NSE, shares of the company opened the day at Rs 257 and surged 5.6 per cent to Rs 271.40.

The company’s market valuation stands at Rs 2,359.59 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. 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.