Tejas Networks shares surge 2.4 per against issue price on debut to close at Rs 263

Tejas Networks stocks which got listed on the BSE and NSE on Tuesday at an issue price of Rs 257, surged 2.4 percent against its issue price to end at Rs 263. The stock hit a high of Rs 264 in intra-day trade on NSE, while on BSE, it rose as much as Rs 266.

The company's initial public offer (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.

Tejas Networks is an optical & data networking products Company that designs, develops & sells high-performance and cost-competitive products to telecommunications service providers, internet service providers, utility companies, defence companies and government entities.

The products are used to build high-speed communication networks that carry voice, data & video traffic from fixed line, mobile & broadband networks over optical fibre. Currently domestic business contributes 65% of the revenues.