Tega Industries’ IPO oversubscribed on Day 1 — GMP at ₹370
Dec 2, 2021, 06:00 IST
- The IPO of Tega Industries was subscribed 4.6 times on the first day of issue on December 1.
- Tega is looking to raise ₹600 crore from this IPO, which is entirely an offer for sale of 1.3 crore equity shares.
- Retail investors can bid for a minimum of 33 shares with an investment of ₹14,949 per share.
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The initial public offering (IPO) of Tega Industries, a manufacturer of consumables for the mining industry, was subscribed 4.6 times on the first day of issue on December 1.The public issue reported a strong demand from non-institutional buyers as well as retail investors, who oversubscribed the shares. The company received quite an underwhelming response from qualified institutional buyers (QIB) on day 1.
| Investor category | Subscription (times) |
| Qualified Institutions | 0.07 |
| Non-Institutional Buyers | 4.17 |
| Retail Investors | 7.51 |
| Total | 4.67 |
Tega is looking to raise ₹600 crore from this public issue, which is entirely an offer for sale of 1.3 crore equity shares by promoters and existing shareholders.
The company’s grey market premium (GMP) was at ₹370 apiece in the grey marker on December 1, representing a hike of ₹60 from a day ago.
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| Stakeholders | Offer for Sale |
| Madan Mohan Mohanka | 33.14 lakh equity shares |
| Manish Mohanka | 6.63 Lakh equity shares |
| TA Associates | 96.92 lakh equity shares |
The price band for the public issue has been set at ₹443 to ₹453. Retail investors can bid for a minimum of 33 shares with an investment of ₹14,949 per share.
Tega Industries provides customised solutions to the mining, bulk material handling and transportation industry like manufacturing of wear resistant lining components required for grinding, sizing and others.
It has a product portfolio of more than 55 mineral processing and material handling products. The company has six manufacturing sites, including three in India — Dahej in Gujarat, Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia.
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