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The stock of Tejas Networks managed to end higher on the first day of its listing on Tuesday. The stock though rose as high as 6 per cent intraday, closed 2 per cent higher at ₹263.30. The company’s initial public offer had received subdued response with subscription 1.88 times. It raised nearly ₹776.6 crore through the issue.
The qualified institutional buyers’ category was subscribed 2.16 times and the retail investors’ portion was subscribed three times. High networth individuals largely chose to stay away from the issue with their portion getting subscribed only 0.5 times.
Tejas Networks is into developing and selling high-performance products to telecom service providers, ISPs, utility companies, defence and government entities, among others in over 60 countries.
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