Tejas Networks makes tepid stock market debut

Tejas Networks made a tepid debut at the bourses today as the stock listed at its issue price of Rs 257.
The stock listed at Rs 257 on BSE. Later, it touched a high of Rs 271, up 5.44 per cent over the issue price.
On NSE, shares of the company debuted at Rs 257.
The company's market valuation stands at Rs 2,382.42 crore.
The 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.