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Tejas Networks up to $120 million IPO oversubscribed 1.9 times
June 16, 2017 / 1:35 PM / 6 months ago

Tejas Networks up to $120 million IPO oversubscribed 1.9 times

(Reuters) - India’s Tejas Networks Ltd’s up to 7.7-billion-rupee ($120 million) initial public offer (IPO) of shares was oversubscribed 1.88 times on the last day of the sale on Friday, stock exchange data showed.

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/Files

Investors bid for about 32.1 million shares in the optical and data networking products provider, compared with about 17.1 million shares on offer, according to data on the National Stock Exchange, as of 1320 GMT.

Tejas Networks is raising up to 4.5 billion rupees by selling new shares, while its shareholders are selling another up to 12.7 million shares in a price range of 250 rupees to 257 rupees apiece.

The stock is scheduled to make its trading debut on or around June 27.

Axis Capital, Citigroup, Edelweiss and Nomura were the banks on the IPO.

($1 = 64.4300 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Devidutta Tripathy and Sherry Jacob-Phillips

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