Kolkata based Tega Industries Limited It has become the third most subscribed Initial Public Offering (IPO) so far this year by receiving more than 219 times bids on the last day.
According to stock exchange data, at 5 pm, the total book, excluding anchor allocation, was subscribed 219.04 times after receiving bids for around 2.09 billion shares. Retail investors bid for 29.44 times of the shares reserved for them. Non-institutional investors bid for 666.19 times their quota, while institutional investors subscribed 215.45 times.
The two biggest IPOs this year are Latent View Analytics and Paras Defense & Space Tech, which were subscribed over 338 times and 304 times respectively.
The company is going to be listed at a P/E of 22.02, while its counterpart AIA Engineering Ltd. is trading at a P/E of 30.40 considering the adjusted EPS of FY 2011. 20.58 on a post-issue basis, analysts said.
“The company is a leading manufacturer of distinctive and ‘critical to operate’ products, with high barriers to replacement or replacement. In addition, it is available at fair valuations compared to its peers,” said brokerage firm Marwari Shares & Finance. said in a note to its investors.
Meanwhile, Anand Rathi Wealth Limited, the wealth management arm of Anand Rathi Financial Services, received a strong response on the second day of its IPO as well. At 5 pm, the overall book was subscribed 3.02 times, excluding anchor allocation.
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