Optical and data networking products company Tejas Networks has fixed the price band between Rs 250 and Rs 257 per equity share for its proposed initial public offer (IPO). The company aims to raising up to Rs 776 crore from the IPO, which will open on June 14 and close on June 16. The shares have a face value of Rs 10. The IPO Anchor investors can bid for the shares on June 13. 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. Bangalore-headquartered 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. Tejas products utilise programmable software-defined hardware architecture with a common software code-base that delivers an app-like ease of development and upgrades of new features and technology standards. Sanjay Nayak, MD & CEO of Tejas Networks said that his company has invested heavily on research and development in order to grow through multiple technology cycles.
The company has posted a profit of Rs 53.2 crore for the March 2017 quarter compared with a profit of Rs 27.4 crore a year ago. With par value of Rs 10, basic earnings per share (EPS) have increased to Rs 7.92 compared with Rs 4.46 a year ago.Axis Capital, Citigroup Global Markets, Edelweiss Financial Services and Nomura Financial Advisory and Securities are the Book running lead managers to the offer.