The initial public offer (IPO) of optical networking firm Tejas Networks was subscribed 1.33 times till afternoon trade today, the third day of the offer.

Price band for the offer is Rs 250-257 per share.The IPO had received bids for 22,681,945 shares, against the total issue size of 17,112,005 shares by 1.30 pm.

The company  has raised nearly Rs 350 crore through issuance of shares to anchor investors. Tejas Networks is into developing and selling high- performance optical networking products to public and private sector firms in telecom, defence and utility sectors. Its business is spread over 60 countries. 

The IPO comprises fresh issue of shares worth Rs 450 crore and an offer for sale of up to 1.27 crore shares. IDBI Capital and Angel Broking had recommended that investors subscribe to the IPO on the basis of the company's growth and outlook for this sector, while Prabhudas Lilladar had recommended an 'avoid', saying that the firm's performance was too volatile.