Tejas Networks IPO oversubscribed by 1.85 times on Day 3
- Tejas Networks IPO oversubscribed by 1.85 times
- The company raised Rs 350 crore from anchor investors
- Price band fixed between Rs 250 - Rs 257 per share for this IPO
Tejas Networks on the last day of its initial public offering (IPO) issue got oversubscribed by 1.85 times.
The IPO cumulatively received bids of 3,16,40,785 equity shares as against the total 1,71,12,005 equity shares offered by the company.
In first two days of the issue, Tejas Networks' IPO saw sluggish response from investors. On Day 2, it only received 65,56,935 equity shares, just 38% of the total reserved shares.
The company planned to raise up to Rs 777 crore at a price band of Rs 250 per share to Rs 257 per share.
On June 14, 2017, from its anchor investor the company raised Rs 349.50 crore by allotting 1.36 crore shares to 17 investors.
75% shares will be sold to qualified institutional buyers, while 15% is held for non-institutional investors and remaining 10% for retail individual investors.
Objective of the issue is to financing capital expenditure towards payment of salaries and wages of R&D team approximately Rs 45.3 crore and remaining for working capital requirement and general corporate purposes.