Business

Tega Industries Ipo fully subscribed on day 1


Tega Industries’ initial public offering (IPO) to raise Rs 619 crore was fully subscribed on Wednesday, the first day of the bidding process. The Kolkata-based polymer-based mill coatings maker The initial sale of shares of Tega Industries will close for subscription on Friday, December 3. Tega’s IPO is entirely an offer to sell (OFS) shares by existing promoters and shareholders.
At 11:09 a.m. Tega Industries IPO received offers for 1.1 crore of shares against 95.7 lakh of proposed shares, or a subscription of 1.1 times. The retail investor category was subscribed 1.8 times and the portion reserved for non-institutional investors was 5%.

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As part of Tega Industries’ IPO, potential investors can bid on stocks in the price range of Rs 443 to Rs 453 in multiples of 33.

On Tuesday, Tega Industries raised Rs 185.8 crore from 25 key investors ahead of its IPO.

Tega Industries has reserved 50% of the total shares offered to qualified institutional investors, 15% to non-institutional investors and 35% to retail investors.

Tega Industries is a manufacturer and distributor of specialty consumables for the global mineral enrichment, mining and bulk solids handling industry. The company has a portfolio of more than 55 products that are used by customers at various stages of mining and mineral processing, screening, crushing and material handling.

(Edited by : Sandeep Singh)

First publication: STI


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