Tejas Networks Makes Tepid Listing On Stock Markets, Jumps 5%

Shares of Tejas Networks Limited which got listed on stock exchanges today made a tepid debut. The shares of the company jumped as much as 5.44 per cent to hit intraday high of Rs. 271 against its issue price of Rs. 257. Tejas Networks IPO was oversubscribed 1.88 times, with qualified institutional buyers’ (QIBs) portion getting oversubscribed 2.16 times, non-institutional investors 48 per cent and retail investors 3.10 times.

Price band for the offer was fixed at Rs. 250-257 per share and was open for bidding from June 14-16.

Little over 1.35 crore shares were allotted to the anchor investors at the price of Rs. 257 apiece — the upper end of the IPO price band.

Tejas Networks Makes Tepid Listing On Stock Markets, Jumps 5%
The 17 entities include Abu Dhabi Investment Authority – Behave, Amansa Holdings Pvt Ltd, Columbia Emerging Markets Fund, SBI Life Insurance Company Ltd, Reliance Nippon Life Insurance Company Ltd and BNP Paribas Arbitrage, according to a filing made by Tejas Networks to the BSE.

Spread over 60 countries, Tejas Networks is into developing and selling high-performance products to telecom service providers, utility companies, defence firms and government entities, among others.

Axis Capital, Citigroup Global Markets India Pvt Ltd, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) Pvt Ltd were the book running lead managers for the offer.

Shares of Tejas Networks ended 2.45 per cent higher at Rs. 263.30.

Indiabulls Real Estate jumps 6.6%

Shares of Indiabulls Real Estate surged almost 7% on Friday. The company is planning to raise up to ₹500 crore through the issue of non-convertible debentures on private placement basis.

The stock jumped 6.6% to close at ₹204.45 on the BSE.

On the volume front, 63.35 lakh shares of the company were traded on the BSE and more than 5 crore shares changed hands on the NSE during the day. The promoters had on Thursday sold 3.3 crore shares of the firm for ₹662.83 crore through open market transactions.