Tejas Networks IPO : Pre IPO Placement
Tejas Networks Gets $24 Million From Goldman Sachs In Pre-IPO Placement
Get ready for Tejas Networks IPO
Goldman Sachs has made another big ticket investment. The global investment bank has made a pre-IPO investment of $24 million (Rs 95 crore) in optical networking firm Tejas Networks. Tejas was founded in 2000 by technology professionals Sanjay Nayak, Kumar N Sivarajan, Arnob Roy, and was backed by Gururaj Deshpande, a Silicon Valley entrepreneur.
Tejas had earlier received four rounds of funding (a total of $49 million) from venture capital investors Mayfield Ventures, Battery Ventures and Intel Capital. The last round was $20 million in November 2006, which was led by Mayfield. Its earlier funding raked in $29 million in three rounds since 2000. Now fnancial investors own over 50 per cent in the company.
According to The Economic Times, Tejas recorded revenues of Rs 234 crore in FY07, up from Rs 128 crore in FY06 and Rs 47 crore in FY05. It’s expecting Rs 400 cror ein the current fiscal. The company is believed to be profitable. Tejas is focused on the domestic market, and according to Light Reading, it has a 20 per cent market share in India.
The company had recently added two independent directors - Mohandas Pai, director of human resources and former CFO of Infosys Technologies, and J. Ramachandran, professor of business policy at the Indian Institute of Management.
Tejas is expected to list in Indian stock markets.
Goldman Sachs is becoming active on the proprietary private equity investment front. In the last one month, the firm has made three investments - co-investment of $60 million in Sudheer Gensets, $172 million buyout of Sigma Electric and now $24 million in Tejas.
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