Tejas Networks fixes price band of Rs 250-257 for IPO

The other IPO which also received huge responses were Happiest Minds Technologies and Chemcon Speciality Chemicals, which was subscribed 150.98 times and 149.3 times respectively. Interestingly, both these stocks have seen bumper listing gained over 100 percent. Let's see how the IPO subscription and listing happened in 2020 so far, considered only IPOs issue size over Rs 100 crore.

Tejas Networks Ltd said it has fixed the price band between Rs 250 to Rs 257 per equity share for its proposed initial public offer (IPO).

The company is making an initial public offering of equity shares of face value of Rs 10 each for cash comprising of a fresh issue of equity shares aggregating up to Rs 450 crore and an offer for sale of up to 12,711,605 equity shares through offer for sale, it said in a statement.

The offer opens on June 14 and closes on June 16.

Tejas Networks designs, develops and sells high-performance and cost-competitive products to telecommunications service providers, internet service providers, utility companies, defence companies and government entities in over 60 countries.

The company proposes to expand its business by adopting a series of strategies, it said.

The company has R&D centres in Bengaluru, Mumbai and Gurugram.

The Book Running Lead Managers (BRLMs) to the offer are Axis Capital Limited, Citigroup Global Markets India, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India).