26 Nov , 2021 By : Kanchan Joshi
The three-day initial public offering (IPO) of Tega Industries, manufacturer of consumables for the mining industry, will open for public subscription next week on Wednesday, December 1 and conclude on December 3. The initial share sale's price band has been fixed at Rs443-453 per share.
As per market observers, Tega Industries shares are available at a strong premium (GMP) of Rs240 in the grey market today. The company's shares are expected to list on leading stock exchanges NSE and BSE on December 13, 2021.
The IPO is purely an offer of sale of 1,36,69,478 equity shares by promoters and an existing shareholder. As a part of the offer for sale, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares. In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the offer for sale.
Currently, Madan Mohan Mohanka and Manish Mohanka have 13.07% and 11.98% stake respectively in the firm. Wagner Ltd has 14.62% stake in the company.
Axis Capital and JM Financial are the book running lead managers to the issue. The Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining, and bulk solids handling industry, through its wide product portfolio.
The firm has six manufacturing sites, including three in India, at Dahej in Gujarat and at Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia, with a total built-up area of 74255 Sq. mts.
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