Tejas Networks IPO to open on June 14; price band at Rs 250-257

Tejas Networks, which designs and develops products for telecom service providers, will launch its initial public offer on June 14 and has fixed the price band of Rs 250-257 per share to raise about Rs 776 crore.

The offer comprises fresh issue of equity shares worth up to Rs 450 crore and an offer for sale of up to 12,711,605 shares. The bidding for the offer will close on June 16.

Bids can be made for a minimum of 55 shares and in multiples of 55 shares thereafter, a company statement said.

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

Shares of the company are proposed to be listed on BSE and National Stock Exchange ( NSE).

Tejas Networks designs, develops and sells high- performance and cost-competitive products to telecom service providers, internet service providers, utility companies, defence companies and government entities in over 60 countries.