Tejas Networks IPO subscribed nearly 2 times

Bengaluru-based Tejas Networks’ initial public offering, which closed on June 16, has been subscribed nearly two times.

According to data available on the NSE website, the issue has received bids for 3.21 crore shares against the issue size of 1.71 crore shares.

The retail portion was subscribed over three times with bids being received for 95.1 lakh shares against the reserved portion of 30.71 lakh shares. The qualified institutional buyer category was subscribed over two times with bids for over 2.04 crore shares. The issue which opened on June 17 had a price band of Rs 250 to Rs 257 per share. Axis Capital, Citigroup Global Markets India, Edelweiss Financial Services and Nomura Financial Advisory and Securities India are the book running lead managers to the issue.

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