Indian optical and data networking products company Tejas Networks Ltd made a lukewarm debut at the Bombay Stock Exchange on Tuesday, June 27. The shares of the company opened at Rs 257, unchanged from its issue price.
On Tuesday, Tejas Networks shares were up 2.7% at Rs 263.90 at around 10 am. The shares touched a high of Rs 264 and a low of Rs 257.
Tejas Networks Ltd made an initial public offering worth Rs 450 crore earlier this month and witnessed a subscription of more than 1.88 times when it closed. The firm plans to use the money to raise working capital and for other purposes, reported Live Mint.
The optical and data networking products company had offered 1.27 crore shares by way of offer for sale by existing investors and a fresh issue of shares worth Rs 450 crore, in the price band of Rs 250-257 per equity share.
Tejas designs, develops and sells high-performance and cost-competitive products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 60 countries, according to the company's website.
Its products are used to build high-speed communication networks and its domestic business contributes towards 65 percent of its revenues.
