The initial public offering (IPO) of Tejas Networks was subscribed 1.87 times on Friday with investors bidding for 3.21 crore shares of the 1.71 crore shares on offer.
The qualified institutional buyers (QIB) bid 2.04 crore shares on the third day of the IPO. High net worth individuals (HNIs) bid for 22.21 lakh shares and retail investors bid for 94.96 lakh shares.
Tejas Networks finalised the allocation of around 1.35 crore equity shares to 17 anchor investors at rS 257 per equity share, aggregating to Rs 349.51 crore. The IPO comprises fresh issuance of shares up to Rs 450 crore and an offer for sale (OFS) up to 1.27 crore equity shares by shareholders. Bids can be made for a minimum of 55 equity shares and in multiples of 55 shares thereof.
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Axis Capital, Citigroup Global Markets, Edelweiss Financial Services and Nomura Financial Advisory and Securities are the book running lead managers to the offer. The company has posted a profit of `53.2 crore for the March 2017 quarter compared with a profit of `27.4 crore a year ago.