 "Tejas")
Telecom networking products company Tejas Networks received cold response for its initial public offering (IPO) as it was subscribed just 1.9 times. The wealthy investor portion of the issue remained undersubscribed at 50 per cent. The institutional and retail investor quota garnered 2.2 times and three times subscription respectively.
Market players said the lukewarm response from high net worth investors (HNIs) could mean the investors were not excepting good listing day returns.
Tejas Networks' IPO comprised of fresh equity issuance of Rs 450 crore and offer sale by existing shareholders of Rs 327 crore. The OFS portion was around 14 per cent
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