New Delhi: The initial public offer (IPO) of Tejas Networks was subscribed 11% on the first day of the issue on Wednesday. The IPO received bids for 18,03,065 shares against the total issue size of 1,71,12,005 shares, as per data available with the NSE till 1700 hours.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 6%, non-institutional investors 1% and retail investors 38%. Price band for the offer is Rs250-257 per share. The company yesterday raised nearly Rs350 crore through issuance of shares to anchor investors.

Tejas Networks is into developing and selling high- performance products to telecommunications service providers, utility companies, defence firms and government entities, among others, spread over 60 countries. The IPO comprises fresh issue of shares worth Rs450 crore and an offer for sale of up to 1.27 crore shares.

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 for the offer.