Tejas Networks debuts on tepid note in market

Tejas Networks made its debut in the market listings on Monday. However on both the indices, it made a slow start. In Bombay Stock Exchange (BSE) it got listed at its issue price of Rs 257. On the other hand, the stock price opened at Rs 257.70 on the National Stock Exchange (NSE), up only 0.27 per cent from its issue price of Rs 257 due to subdued response to the IPO (Initial Public Offer).
Tejas Networks is into developing and selling high- performance products to telecom service providers, utility companies, defence firms and government entities, among others, spread over 60 countries.
The IPO was opened for subscription during June 14-16 and oversubscribed 1.88 times.
The company raised nearly Rs 776.6 crore through the issue, which comprised of fresh issue of shares worth Rs 450 crore and an offer for sale of up to 1.27 crore shares. It will majority of money for working capital.
At 11.12 AM, the shares of the company were priced at Rs 266, gaining 3 per cent. The broader NSE Nifty was down by 0.50 per cent.