06 Dec , 2021 By : Kanchan Joshi
Tega Industries Ltd, manufacturer of consumables for the mining industry, became the third most subscribed initial public offering (IPO) so far this year by getting an overwhelming response of more than 219 times bids on the last day of subscription on Friday.
The category for non-institutional investors got subscribed 666.19 times, Qualified Institutional Buyers (QIBs) received 215.45 times subscription, and Retail Individual Investors (RIIs) 29.44 times.
The finalization of basis of share allotment of Tega Industries IPO is expected to take place this week on Wednesday, December 8, 2021 and if allotted, then the credit of shares to demat account of bidders will be done on December 10, 2021. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on its website here or on the BSE website here.
The initial share sale was of up to 1,36,69,478 equity shares and had a price range of Rs443-453 a share. Tega Industries garnered Rs186 crore from anchor investors ahead of its IPO. Axis Capital Limited and JM Financial were the managers of the offer.
As per market observers, Tega Industries shares have been available at a strong premium of Rs425 in the grey market. The company plans to list on leading stock exchanges BSE and NSE on December 13.
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.
The two biggest IPO’s of this year are Latent View Analytics and Paras Defence and Space Tech which were subscribed more than 338 times and 304 times, respectively.
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